What Did Judge Torres’ July 13th Ruling Say?
– Hon. Analisa Torres, a district judge at the United States District Court for the Southern District of New York, made a ruling in the SEC vs Ripple Labs lawsuit on July 13, 2023.
– The SEC had filed a lawsuit against Ripple Labs Inc. and its two senior executives, Bradley Garlinghouse and Christian A. Larsen, accusing them of unlawfully offering and selling securities.
– The court partially granted and partially denied the motions from both the SEC and Ripple and its executives.
– The court granted the SEC’s motion for summary judgment on Institutional Sales but denied it for other matters.
– The court granted Ripple’s motion for summary judgment on Programmatic Sales, Other Distributions, and sales made by Larsen and Garlinghouse.
What Did Judge Torres Say About XRP?
– Judge Torres stated that XRP, as a digital token, does not meet the requirements of an investment contract.
– She also mentioned that the SEC did not argue that secondary market sales of XRP were offers or sales of investment contracts.
– The court ruled that Ripple’s XRP sales to institutional investors were securities and required disclosure, but disclosure-free sales to small investors were acceptable.
Who Is Charlie Gasparino and Why Is XRP Community Angry With Him?
– Charlie Gasparino is a Senior Correspondent at FOX Business Network and has won awards for his financial journalism.
– In an article for the New York Post, Gasparino discussed the recent ruling in the SEC v. Ripple Labs case, claiming it has caused uncertainty in the crypto industry.
– Gasparino argued that Ripple should have disclosed their XRP sales and criticized the court ruling for not providing enough clarity.
– He suggested that Congress should regulate the crypto industry to avoid irrational court rulings.
– Gasparino’s views have angered members of the XRP community, who believe he is misrepresenting the significance of the ruling.
Hot Take
Gasparino’s skepticism about Judge Torres’ ruling on Ripple’s XRP and his call for Congress to regulate the crypto industry reflect concerns about the uncertainty and potential impact of court decisions on the industry. While the ruling may not be a clear victory for XRP, it highlights the need for clearer regulations and transparency in the crypto market. The dispute between the SEC and Ripple continues to raise questions about the classification and regulation of digital tokens.
By
By
By
By