Insightful Ripple CLO Critique of SEC’s Muddled Position
In a bold move, Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the U.S. SEC for its failure to bring clarity to the crypto space, despite the 7-year-old DAO report. The SEC had earlier claimed that the report significantly clarified regulatory and operational aspects for the crypto community.
- Alderoty highlighted the glaring issue of the SEC still embroiled in 8 major crypto cases in federal courts.
- The absence of resolutions to these disputes suggests that the legal battles are becoming more convoluted over time.
Ripple & SEC Seek Mutual Agreement
Reports indicated a settlement conference between Ripple and the U.S. SEC to potentially address ongoing disputes through dialogue. Ripple’s CEO Brad Garlinghouse and CLO Stuart Alderoty’s presence in New York City further fueled speculation surrounding the talks.
According to Fox Business journalist Eleanor Terrett, such settlement meetings aim to pave the way for pre-trial discussions, likely preceding an imminent trial. Judge Analisa Torres urged representatives from both Ripple and the SEC to initiate constructive dialogue before the crucial pretrial conference set for April 16.
Crucial Ruling on XRP Secondary Sales
Judge Failla’s ruling on secondary market sales categorized as investment contracts in the lawsuit garnered significant attention within legal circles and the crypto community.
- Former SEC official expressed concerns over Judge Failla’s deviation from Judge Torres’ stance on secondary sales’ classification as investment contracts.
- The court’s focus on programmatic sales rather than secondary sales left many unresolved questions concerning XRP and its market dynamics.
But it’s a distinction without a difference. Following Torres’ reasoning, it’s hard to imagine how any sale of tokens through an exchange would satisfy her Howey standard. Footnote notwithstanding, her logic essentially eviscerates Sec 5 liability for exchange trades.
— Marc Fagel (@Marc_Fagel) March 29, 2024
XRP experienced a 1% surge in the past 24 hours, currently trading at $0.62, with trading volume showing a slight uptick during the same period.
For more updates on the Ripple vs. SEC developments, stay tuned!
Hot Take: Ripple’s Legal Battle Heats Up 🔥
As Ripple and the U.S. SEC engage in crucial dialogue to resolve their disputes, the crypto space eagerly anticipates the outcomes that could significantly influence the industry’s future. Stay informed as the legal saga continues to unfold!
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