Jake Chervinsky Says SEC is Biased Towards Cryptocurrencies

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The Ripple Labs vs SEC case has been a matter of discussion among members of the crypto community for a considerable time. Some crypto proponents opine that SEC is planning to set a precedent through the case about cryptocurrency regulations in the United States. To this end, Jake Chervinsky, head of the USA Blockchain Association, recently made a bombastic tweet.

Chervinsky tweeted that XRP Army and Ripple Labs lawyers are giving SEC a hell of a fight in response to the $1.3 billion unregistered securities lawsuit. His tweet was picked up by the XRP Army active on social media and gathered a lot of attention among the proponents of the controversial token.

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The latest tweets from Jake Chervisky imply that SEC has been biased against independently operating cryptocurrency projects. He claimed that despite the fact what people think about Ripple Labs as a company and XRP as an altcoin, the strong response of XRP proponents against the authoritarian policies of SEC is exemplary.

It is worth mentioning that last year SEC wagged a legal battle against several influential tech industry moguls like Stefan Qin, Late John McAfee, Kik, and Block.One. SEC also charged Tesla CEO Elon Musk for a tweet that stated that he is planning to privatize Tesla at $420 with funds already secured. SEC claimed that the statement was false and misleading.

Sarah Netburn, the Magistrate Judge chairing the SEC vs Ripple Labs lawsuit, recently ruled a sanction that requires the state agency to provide former chairperson William Hinman’s speech. Former SEC Chief Hinman stated in a speech in 2018 that Ethereum was not a security and should be exempted from any legal implications.

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Coinbase, the largest crypto exchange operating out of the United States, decided to postpone its lending feature last year due to the issuance of a legal notification by the SEC for unregistered securities scrutiny. The Coinbase lending platform had plans to list a stablecoin called USDC. The Ripple Labs defence litigators have based their victory on getting internal information about Bitcoin and Ethereum that exempted them from qualifying as unregistered securities.

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