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- Deborah McCrimmon, the Ripple’s Vice President, litigates cryptocurrency.
- She affirms that the result of the ongoing SEC vs Ripple battle will leave a massive impact on the crypto industry.
Deborah McCrimmon is the Vice President and Deputy General Counsel of Litigation and Employment at Ripple Labs, which is an enterprise blockchain firm. McCrimmon shared her opinion in her recent interview with Modern Counsel on October 17, 2022.
During the interview, McCrimmon said that “It’s a cutting-edge, industry-defining case. It’s going to be precedential, not just for Ripple, but for the entire crypto industry. It’s being watched by the entire industry.”
Ripple vs SEC
McCrimmon joined Ripple in 2018 and when the U.S. Security and Exchange Commision (SEC) sued Ripple in December 2020, as Ripple’s Director of Litigation she explained that “We have been litigating with the SEC on that issue since late 2020, and we believe strongly that the SEC is wrong on both the facts and the law.” The following statement was made by her, in against the SEC contends that the digital asset XRP is an investment contract under the Securities Act.
It must be noted that the following case is being litigated in the U.S. District Court for the Southern District of New York.
She further pointed out that the SEC is pulling the Howey test that determines whether a transaction qualifies as an ‘investment contract” or subject to the U.S. Securities laws. As she stated over the SEC that “They are reaching far beyond the authority that was granted to them by Congress and trying to regulate a space that Congress never intended them to regulate.”
In the crypto and blockchain industry, she said that they were nascent and trying to “figure-out the rules of the road.” As she added that “When you believe in what you are fighting for and what you are doing, that makes working hard and going to work so much easier.”
Recent Case Updates
As the SEC filed a legal rebuttal to Ripple Labs’s motion for summary judgement, Ripple called for a similar move, a similar action against the U.S. regulatory.
On October 21, 2022 the SEC filed a document that states “because the undisputed evidence shows that defendants engaged in unregistered offers and sales of securities to public investors.” On the other hand, Ripple also filed a document that states the securities watchdogs have no viable legal theory to support its claim.
Moreover, on the same day, Ripple’s General Counsel, Stuart Alderoty, shared a tweet in which he said “Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech).”
https://twitter.com/s_alderoty/status/1583229474681675776?s=20&t=AgESwOVed m-EOyAj Phw
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
