Cryptocurrency News

Elon Musk Wades in on The SEC vs Ripples Legal Battle

For many reasons, the US SEC has been in the news. But for most times, the SEC has always been in the news regarding the lawsuit filed against Ripple.

As the legal tussle heightens, the Tesla Chief Executive, Elon Musk, has announced his readiness to interfere in the legal tussle between Ripple and SEC – United States Security Exchange Commission. Since Musk hinted at his planned interference, it proved that Ripple is not alone in its protracted legal battle with the SEC.

Musk’s decision to wade in was necessitated as the campaign for market participants to oppose the agency and the persuasion from Ripple supporters urging the Tesla Chief to join the opposition intensified. Over 65,000 Ripple supporters called that SEC’s overreach and extortions be tamed.

Musk and his company, Tesla, have fought the SEC in a separate unending legal battle. However, in a twist of events and support of Ripple, the world’s wealthiest man said he is legally fighting the federal agency to enable him to boost his camp.

I Love Building Cases

A random Twitter user asked if Elon Musk has been keeping an eye on the SEC vs Ripple case all these while as bait against the federal agent. In response to the tweet above, Elon Musk confirmed the Twitter user’s fears and notified the Twitter community and the public that he loves building cases, as that has been one of the things keeping him busy.

Musk didn’t stop with the first tweet mentioned earlier, as he was also dragged by another Twitter user, on the premise that starting a fight with SEC was unnecessary. Responding, Musk denied starting a row but vowed he would end the fight.

Musk’s intentions to end the legal fight this time show that the Tesla boss and Tesla are confident of winning the SEC in the law court. Extremely unpredictable, Elon Musk, through his attorney, recently alleged that the SEC leaked information regarding a federal investigation retaliating to his public criticism. For this, the SEC was sued by Elon Musk over his comment on “Funding Secured”.

Unfortunately, the case filed by Elon Musk against SEC, which claimed that the federal agency was a toy for some people causing a shortage in the electric automaker, did not end as Elon had wanted as SEC opted for a settlement. The settlement terms require Elon Musk to step down as the Chairman of the Board, and both Musk and Tesla must each pay the sum of USD$20 million as fines, to which Musk agreed.

Notwithstanding, the legal battle between SEC and Ripples is gradually progressing. It has reached the peak where every decision defines the future of Ripple as security. Earlier this week, John Deaton, Ripples attorney, hinted that as the motion for reconsideration filed by SEC is before Judge Netburn, whatever be the outcome of the ruling, it will be the most significant decision in the legal battle.

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