Ripple’s Chief Legal Counsel Calls SEC’s Appeal in XRP Ripple (XRP) Ruling Hypocritical
Ripple Labs’ chief legal counsel, Stuart Alderoty, has accused the United States Securities and Exchange Commission (SEC) of hypocrisy in its latest filing for an appeal in the XRP Ripple (XRP) court ruling. Alderoty noted that SEC Chair Gary Gensler has consistently argued that the regulations are clear, but now the agency is seeking an appeal to resolve legal contradictions. In July, a judge ruled that the sales of XRP Ripple (XRP) on Ripple Labs’ payments platform are not securities transactions. Nonetheless, the SEC argues that there are “knotty legal problems” that need to be addressed by an appellate court. The SEC likewise states that the defendants failed to cite relevant cases regarding the Howey test, which determines whether an asset is a security or not.
The SEC’s decision to appeal the XRP Ripple (XRP) court ruling raises questions about the consistency of its stance on regulations. By seeking an appeal after stating that the regulations are crystal clear, the SEC seems to be contradicting itself. This move could further fuel the debate around the classification of digital currencies and how they should be regulated. It remains to be seen how the appellate court will address the legal contradictions raised by the SEC. The outcome of this appeal could have whole lot of implications for Ripple Labs and the broader digital currency industry.
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