In recent news, Ryan Selkis, the CEO of Messari, a crypto market intelligence company, has shifted his stance towards Ripple and voiced his support for them in the ongoing SEC lawsuit. Despite his previous criticisms of Ripple, Selkis stated that he believes the company should win against the SEC, calling the lawsuit ‘overreaching’.
One of Selkis’ main arguments was that with the demand for Ripple’s product, the XRP Ledger should be given the opportunity to compete fairly on digital payments infrastructure globally. He also commended Ripple for their readiness to not only provide services to individual customers but to large financial institutions as well.
It is worth noting that Selkis is not the only one to have changed his opinion about Ripple’s validity. Crypto investor and social media personality Ben Armstrong, who had previously criticized Ripple, also changed his stance largely because of Ripple’s strong defence against the SEC.
So what does Selkis’ support of Ripple mean for the crypto market? In the short term, it may not contribute to Ripple’s cause with the summary judgement just around the corner. However, the support from someone who was once a critic shows the harmony in the community. To successfully fight the SEC, the crypto community must remain united. Otherwise, it would be very convenient for the federal regulator to use crypto companies against one another.
A classic example of market infighting is the rift between Ripple and Ethereum caused by some words coming from the executives of both companies. With SEC Chair Gary Gensler recently reiterating that, other than Bitcoin, all other cryptocurrencies are securities, the market should be ready for a spree of lawsuits. In such testing times, it is more important than ever for the market to stay united.
As the crypto market continues to grow and face regulatory challenges, it is vital that the community remains united and focused on the bigger picture. The support from once-critical figures like Selkis shows that Ripple’s fight against the SEC is not just about the success of one company, but about the future of the crypto industry as a whole.
Furthermore, this support also shows that companies can change their opinions and views of each other. It is important to keep an open mind and collaborate with other companies in the industry, even if there has been previous conflict or disagreements. With regulatory scrutiny increasing, staying united and working together is the best course of action for the crypto community, and Ripple is a prime example of this.
In conclusion, Selkis’ support of Ripple in the ongoing SEC lawsuit is a positive sign for the crypto market. It highlights the need for unity within the industry to fight regulatory challenges and shows that companies can change their opinions of one another. The outcome of the lawsuit may still be uncertain, but the support from once-critical figures like Selkis gives hope to Ripple and the wider crypto community.