Industry Expert Refers to Ripple Case Outcome as a Mixed Verdict, Despite SEC’s Track Record of Never Losing

Exciting news! The SEC has just appointed a new director for the Chicago Regional Office, the commission’s second-largest office. This appointment has sparked renewed interest in the conversation around cryptocurrency regulation.

Cryptocurrency enthusiasts are buzzing with curiosity about the new director’s views on crypto. It’s clear that there’s a lot of uncertainty in the industry when it comes to regulatory perspectives.


However, the wise words of Marc Fagel, a former SEC employee and security law expert, shed light on the situation. Fagel emphasized that personal opinions on crypto don’t matter in regulatory roles. The main focus should be on enforcing federal securities laws, regardless of personal views on cryptocurrencies.

Fagel’s insights couldn’t have come at a better time, given the ongoing debate on how the SEC handles crypto enforcement. Critics argue that existing securities laws are outdated and often misapplied to crypto projects and organizations.

In response to criticism, Fagel pointed out the SEC’s successful track record in crypto enforcement cases. He highlighted that the SEC has always come out on top in these cases, with the Ripple case being a prime example of the SEC’s persistence in upholding its positions.

SEC v. Ripple

The Ripple case, overseen by Judge Analisa Torres, holds immense significance. In her ruling on July 13, 2023, Torres stated that while XRP isn’t a security, its sale could be considered as one. She clarified that institutional sales of XRP were unauthorized offers and sales of investment contracts.

Currently, the Ripple case is in the remedies phase, with the SEC seeking a $1.9 billion fine, a sum contested by the company claiming the penalty should be capped at $10 million.


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