A recent exchange on Twitter has highlighted the skepticism of Marc Fagel, a former Regional Director of the Securities and Exchange Commission’s (SEC) San Francisco Regional Office, about the potential for XRP investors to win a lawsuit against the SEC.
This controversy stems from a series of tweets and responses that began when an XRP community member, known as XRPologist, queried Fagel’s opinion on a possible lawsuit by XRP investors against the SEC for causing them financial damages.
Fagel did not mince words when he asserted that any such case would be doomed to fail under current legislation. He further suggested that any attorney considering filing such a suit would run the risk of facing penalties, given the facts currently available.
It should be noted that Fagel’s views are colored by his previous role and direct involvement in litigation against the SEC, despite which he maintains his stance is unbiased.
XRPologist remained undeterred by Fagel’s warning, voicing his confidence in the community’s unwavering support of such legal action, suggesting there are about 75,000 members ready to stand behind any lawyer brave enough to take on the case. Fagel, in response, acknowledged the possibility of attorneys who might be willing to take the risk, even though he remained convinced that the outcome would not be in their favor.
Another Twitter user jumped into the discussion, posing a hypothetical scenario where a judge rules that previous sales from 2014 to 2019 were securities offerings, but with current utility, XRP could no longer be classified as such. They asked what such a verdict would mean for XRP holders.
Fagel pointed out that this would change little for XRP investors, as they have always had the freedom to trade the currency. He stated that the only significant change might be that unregistered exchanges could list XRP, provided this is of importance to the holders.
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