In a recent Twitter exchange, Marc Fagel, a former attorney and ex-director of the SEC's San Francisco office, shared his perspective on the likelihood of a civil suit brought by XRP buyers against the SEC. Fagel's remarks have sparked concerns within the community, as they cast doubt on the potential success of the investors' legal action against the regulatory agency.
Responding to a query from a member of the XRP community regarding the possibility of a civil suit, Fagel expressed his belief that the case was unlikely to succeed under current legal conditions. He suggested that pursuing such a lawsuit could even subject the filing attorney to potential sanctions, based on the known facts surrounding the situation.
While acknowledging that his perspective might be perceived as biased, Fagel emphasized that he had previously litigated against the SEC, challenging any preconceived notions.
And I'm sure there are less risk-averse lawyers out there who'd be up for it. It would be fun to watch, but... nope, not gonna work out well.— Marc Fagel (@Marc_Fagel) June 23, 2023
The conversation continued as the questioner drew attention to the existing XRP holders' class action lawsuit, spearheaded by John Deaton and comprising an impressive count of approximately 75,000 plaintiffs. Fagel responded, indicating that while there might be attorneys less risk-averse who would be willing to take on the case, he expressed skepticism about its prospects, stating, "not gonna work out well."
The words of the former director of the SEC may seem gloomy and pessimistic to some, but given the professional experience, not to take them into account at a time of total confusion in the field of crypto regulation is unacceptable.