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- Founder of Dizer Capital, Yasin Mobarak, speculates that the SEC may ultimately drop its charges against Larsen and Garlinghouse, as pursuing the trial might expose potential corruption within the commission.
- Mobarak suggests that discontinuing the charges would align with the SEC’s broader agenda to maintain regulatory uncertainty in the crypto industry.
The current developments clearly hint that Ripple is moving closer to victory much sooner in its legal battle against the U.S. Securities and Exchange Commission (SEC). Earlier this week, the US court rejected the SEC’s appeal of the interlocutory motion against Ripple.
Amid all these developments, crypto analysts predict that the SEC will soon withdraw its case against Ripple. In a recent tweet, Founder of Dizer Capital Yasin Mobarak made a prediction that the United States Securities and Exchange Commission (SEC) will drop its charges against Ripple executives, specifically Chris Larsen, the chairman, and Brad Garlinghouse, the CEO.
Prediction: The SEC will withdraw charges against @bgarlinghouse and @chrislarsensf .
It is not in their interest to have a trial where their corruption can be exposed, not to mention their agenda is far bigger than just these two executives. The longer $XRP solidifies the…
— Yassin Mobarak 🪝 (@Dizer_YM) October 4, 2023
The founder of Dizer Capital has put forth a speculative notion that the SEC may ultimately retract its charges against Larsen and Garlinghouse. This expert indicated that it wouldn’t serve the SEC’s interests to proceed with a trial that might expose instances of corruption within the commission.
Furthermore, he highlighted that the SEC’s motives in this lawsuit extend beyond the Ripple executives. He commented;
The longer $XRP maintains its established regulatory clarity in the market, the more it jeopardizes the SEC’s overarching agenda.
According to Mobarak, discontinuing the charges against Ripple’s executives would enable the SEC to swiftly conclude the case and initiate a comprehensive appeal to the Second Circuit. In Mobarak’s view, this strategy aligns with the SEC’s aim to perpetuate the cloud of regulatory uncertainty in the industry.
Ripple vs SEC Trial and Exposing Hidden Secrets
Mobarak’s prediction came shortly after Judge Analisa Torres, who presides over the SEC v. Ripple lawsuit, announced that the trial is scheduled for April 23, 2024. This announcement followed the court’s rejection of the SEC’s interlocutory appeal request.
It’s important to note that the upcoming trial pertains to the SEC’s case against Garlinghouse and Larsen. Previously, the SEC had filed aiding and abetting charges against them as part of its broader case against Ripple Labs. The commission accused the executives of recklessness in allowing Ripple to distribute XRP as an unregistered security. To address these allegations, the court has set a trial date for April 23, 2024.
It’s worth noting that Mobarak has previously entertained the idea that the trial might not come to fruition. His conjecture revolved around the SEC potentially avoiding the trial to prevent the revelation of its previous interactions.
This line of thought emerged after Steven Nerayoff shed light on the SEC’s involvement with Ethereum, particularly during the initial sales of ETH. In response, Mobarak suggested that if the SEC were to proceed with the trial, Ripple might choose to involve Nerayoff to offer additional insights and clarity regarding the allegations.
XRP Price Target $1
Soon after the court rejected SEC’s appeal of the interlocutory motion, the XRP bulls raged in with the XRP price shooting to $0.53 and among the top five cryptocurrencies by market cap. If bulls continue to show strength, XRP could regain all the lost ground and rally back to $1.
