Twitter was agog with the news of XRP's win in court against the SEC. I feel the reason why it surprised a lot of people was that, crypto has been manhandled too much by the SEC lately, it felt like it might just about lose that one.
Why was this?
Gensler's rampage was beginning to create a vote of no confidence in a lot of people and this practically affected their hunger or desire to invest in crypto.
Of course, everyone who is ardently into Crypto knows that the SEC does not really know the difference between securities, assets, or commodities.
The SEC isn't Even Schooled about Decentralized Projects
For example, if the SEC were to know about the hive Blockchain, I'm sure they'll have no clue as to what we truly have here.
Gensler has proven that the SEC have been clueless, but because of the aim to stifle Crypto and slowly kill the psychological morale of institutional and private investors, suing exchanges and intimidating others to close up has been the tactical way they've employed to mastermind their aim in the US.
In reality, most of the things called securities by the SEC are not. Nevertheless, no one expected true justice for any crypto project in the US.
This is still because a large population of crypto owners still believes the SEC has something up their sleeves
...they still feel that there's one more round to go and this is when the deadly blow will hit Crypto.
This is expected. Since October of last year, we've been on a downward slide and many people have already thrown in the towel, sold their holdings, and just happy to be totally out.
Irrespective of the fact that I don't really like XRP, I still don't feel confident about it as a project, but we've all seen how causal events can be when it comes to crypto.
Because we're still interconnected, a big and recognizable project taking the beating from any government institution is going to take money away from the market or prevent an investor from coming in.
So, most governmental bodies already know how this works: target a project and get other projects shaking in their pants.
However, XRP has turned out not to be a security and they've duly gotten the win they deserve. A lot of crypto investors do not fear regulations, in fact, some have called for it and even welcomed the idea.
Terrible projects and bad players have so far pillaged the system
......and for one, blurting them out seems only possible through regulations. We've seen what bad players can do when left unchecked. However, a lot of government bodies are thinking of outright bans rather than systemic regulations.
So, this is why a lot of people are probably thinking XRP was a goner, but you can see how the FOMO of its win took the price from the tethers and secured some sweet profits.
You see, a lot of people do not mind the bear market, they just want to keep silently winning without having to keep waking to the news of one exchange filing bankruptcy because they've been charged.
This bear market has been challenging
...as the last one was cut short. Here's again why I say I'm not a fan of XRP, but again it shows that the SEC is not invincible and exchanges and projects need to do right, keep their books flawless and provide no exploitable loopholes for the SEC to nip at.
This isn't to say it's over.
We truly do not know what the SEC have in their arsenal, whether it's a psychological caution or not, it's the whole truth.
They've proven to be relentless in their wild goose chase. This might be shown in how they've reacted to big Institutions applying for ETFs, will this lag? Will they get it or not? This remains to be seen.
For now, little wins puts the market in a positive mood, and we're all excited about this.
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