Paradigm, a crypto investment firm, has filed a motion to join the ongoing lawsuit between Ripple and the SEC, stating that they oppose the SEC’s characterization of the underlying crypto assets as securities. Ripple and XRP are currently fighting what is said to be the most important lawsuit in crypto, with many in the industry seeing it as a pivotal moment for crypto adoption in the US. The SEC alleges that XRP is a security, but exactly what they are suing for is still up for debate. The recent development of Paradigm siding with Ripple indirectly against the SEC has been seen as a positive move for the XRP community.
—
Why Paradigm’s Support is a Positive Sign for XRP & Ripple’s Fight Against SEC
XRP, a cryptocurrency ranked seventh in the market, has been struggling over the last week, just like nearly every other cryptocurrency. However, the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) is the most significant lawsuit currently in the crypto world. The SEC sued XRP for being a security, and the lawsuit is now in its last phase, with summary judgment pending.
In recent news, Paradigm, a crypto fund co-founded by Fred Ehrsam of Coinbase, has filed a motion to join Ripple’s fight against the SEC as a friend of the court. Paradigm is indirectly supporting XRP by opposing the SEC’s characterization of crypto assets as securities. While it is unclear if the SEC is trying to get every XRP transaction banned or if only past transactions are considered security, it is commendable that some parties are coming forth to support XRP.
The Ripple and XRP community is fighting the most important battle for crypto adoption in the US. The way the SEC is handling crypto is not ideal. Big players like Coinbase are coming too late to the game and are not earning respect for not realizing XRP’s potential. Meanwhile, it is commendable that some parties are stepping up to the challenge and supporting XRP indirectly.
The battle between SEC and XRP can have a significant impact on the crypto world, and it is crucial to be on the right side of history. They are trying to find out which side will be the right one and how they can stay on that side. While there may be some disagreement about the details, some believe there is a bigger battle happening at a higher level that could be backed up by people like John Deedon. They argue that Sam Bankman-Freed bought access to regulators through money and political connections. It is unclear why Sam Bankman-Freed had such access when his exchange, FTX, was offshore.
While some may dismiss this as a conspiracy, it is interesting to note that Sam Begman-Freed was the second-biggest Democratic donor with a lot of political connections. In the meantime, FTX has filed for bankruptcy, and even though the SEC is investigating, they’re not making a big fuss about it. Wall Street Journal recently reported that Alameda FT executives were alleged to know about FTX using customer funds, but the SEC is yet to take any action.
In conclusion, Paradigm indirectly supporting XRP is a positive sign for the future of XRP and Ripple’s fight against SEC. The legal battle can have a significant impact on the development and adoption of cryptocurrencies. While there may be some concerns about the way the SEC is handling crypto, the bigger battle may be against corruption and wrongful influence. Regardless, it is crucial to stay informed and take action to support the growth of cryptocurrencies.
