Metalawman: The SEC Is Not Defending Retail XRP Holders or the Institutions that Bought XRP at a Discount

In a recent interview, James Murphy, known as Metalawman, discussed the ongoing lawsuit involving the SEC and Ripple. He answered an important question: who exactly is the SEC defending in this case?

In a recent interview, James Murphy, also known as Metalawman, discussed the ongoing lawsuit between the SEC and Ripple. He highlighted a crucial question: who is the SEC ultimately defending in this case?

During an appearance on The Good Morning Crypto Show, Murphy was asked whether the SEC is claiming to protect regular retail investors by targeting Ripple or if they are instead looking out for the institutional investors who entered the market early and reaped substantial profits since 2014.

Murphy pointed out that while the SEC's mission is to protect investors and promote orderly financial markets, the reality on the ground suggests otherwise. The agency is not acting on behalf of either the retail XRP holders or the institutions that acquired XRP at a discount. Notably, none of the institutions have ever filed a lawsuit against Ripple for alleged securities violations, primarily because their investments have been highly profitable.

The legal expert argued that the SEC's lawsuit should never have been filed in the first place. He explained that the SEC has limited resources and should be focusing on cases with clear violations. However, in the crypto space, which is rife with scams and fraudulent schemes, the SEC chose to pursue a case with no real damages or losses.

He also likened this situation to the case against Coinbase, a publicly traded company with transparent financial reporting, suggesting that the SEC is not helping anyone with these actions. Finally, Murphy concluded that without any losses suffered by victims, it would be impossible to return any funds, which raises questions about the validity of the case itself.

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