Synthetix Founder Hails XRP Ruling as Crypto’s First Major Victory Over SEC

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In a significant development that has the crypto community buzzing, Kain Warwick, the founder of Synthetix, lauded the recent XRP ruling as a watershed moment for the industry. He deemed this unexpected outcome one of the first significant victories for cryptocurrency over the Securities and Exchange Commission (SEC).

In a candid interview at the Ethereum Community Conference (ETHCC) in Paris, Warwick expressed his surprise and delight at the recent ruling in the SEC vs. Ripple Labs lawsuit. He confessed that he’d thought some of the aspects that the decentralized finance (DeFi) crypto community believed in might not make it to the winning side.

To his surprise, not only were these points validated, but the ruling even favored additional aspects that hadn’t been expected to succeed. “It’s pretty amazing, right?” Warwick mused.

A Closer Look at the XRP Ruling

The SEC’s lawsuit against Ripple Labs hinged on the characterization of XRP. The judge’s ruling differentiated between XRP sales to institutional investors, which were deemed as unlawful securities sales, and programmatic sales on exchanges, which were not.

“Don’t Get Too Excited,” Cautions Warwick

Despite the ruling’s positive implications, Warwick warned that the legal process still has a long way to go. He pointed out the possibility of appeals and cautioned against premature celebration. The SEC may yet appeal, and the landscape could change dramatically over time.

“Surely, it’s one of the first major wins that crypto’s had over the SEC in a while,” Warwick affirmed, tempering his optimism with a realistic perspective.

Warwick’s Synthetix is making waves in the decentralized finance arena as a derivatives trading protocol. With total deposits exceeding $487 million on Ethereum and the Optimism Layer 2 network, Synthetix is among the major players driving the DeFi revolution.