Brian Klein who has been recognized as one of the top 5 financial technology attorneys in the U.S, argued that the SEC’s allegation against Ripple is not strong and everyone needs to hear the other side of the story.
Klein said “There’s obviously a complete other side of this story that hasn’t been told yet and deserves to be heard. The case could represent an existential threat to Ripple because of the penalties the SEC is seeking. Unfortunately, just the filing of this case could also permanently damage XRP. That mere allegations by the SEC could be the death blow to a cryptocurrency is very unfortunate.”
Former SEC Commissioner Joseph Grundfest said the regulator’s enforcement action will lead to multibillion losses to innocent investors.
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