SEC’s Losing Battle
The legal battle between the SEC and Ripple is coming to a close, and experts are weighing in on the latest court decision denying the regulator’s request for an early appeal. Lawyer Bill Morgan argues that the SEC has “lost big” by insisting that XRP is a security. The court found that there was no controlling question of law, no substantial ground for differences of opinion, and an interlocutory appeal would not advance the termination of a complete loss by the SEC. This decision sets a precedent for different categories of sales with different buyer expectations.
Morgan believes that the SEC’s stance will make their job harder in other cases, particularly against crypto exchanges. He also points out that the SEC has created mistrust and antipathy towards crypto among millions of people. On the other hand, Ripple’s chief legal officer, Stuart Alderoty, emphasizes that the court ruling from July 13 still stands – XRP is not a security.
Hot Take: Ripple vs. SEC – Implications and Outlook
The court’s decision to deny the SEC’s request for an early appeal is a significant blow to their case against Ripple. It sets a precedent for how cryptocurrencies are classified and sold, making it more difficult for the SEC to prove their claims in future cases. The prolonged legal battle has also created widespread mistrust towards crypto and raised questions about corruption within the industry.
For Ripple, this decision reaffirms their position that XRP is not a security. However, the legal battle has taken its toll on the price of XRP, which has experienced fluctuations throughout the process. As the case nears its official closure, both Ripple and the crypto community eagerly await the final outcome and its potential impact on the broader industry.
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