The biggest take away from todays Ripple V SEC Pre trial hearing was that Ripple made it known that they have proof that the SEC has has discussions with many market makers and exchanges regarding XRP in 2019 and years before. Never once did the SEC tell the market markers and or exchanges that XRP was a security or was sold as a security. As a federal regulatory entity with oversight of the stock markets and larger securities industry, the SEC seeks to protect investors from bad players in the investment markets, working hard to prevent fraud, uncover illegal investment schemes, and investigate insider trading and other securities crimes.
The SEC has 7 years to protect the likes of Coinbase users, Bittrex users and so on and instead they gave the green light for exchanges to list XRP.
Jesse Hynes, an attorney from New Jersey summaries everything up below:
From the Ripple/SEC hearing, the biggest news drop was that the Defendants have proof that the SEC has had discussions with many market actors and exchanges re XRP, in 2019 and before, and never told them that XRP was a security or sold as a security. HUGE DUE PROCESS ISSUE
— Jesse Hynes (@jesse_hynes) February 22, 2021