Rippleโs Chief Legal Counsel Calls SECโs Appeal in XRPย Rippleย (XRP) Ruling Hypocritical
Ripple Labsโ chief legal counsel, Stuart Alderoty, has accused the Unitedย States Securities and Exchange Commission (SEC) of hypocrisy in its latest filing for an appeal in the XRPย Rippleย (XRP) court ruling. Alderoty notedย that SEC Chair Gary Gensler has consistently arguedย 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 XRPย Rippleย (XRP) on Ripple Labsโ payments platform are not securities transactions. Nonetheless, the SEC argues that there are โknotty legal problemsโ 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.
Hot Take
The SECโs decision to appeal the XRPย Rippleย (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 seemsย to be contradicting itself. This move could further fuel the debate around the classification of digitalย 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 wholeย lotย of implications for Ripple Labs and the broader digitalย currency industry.
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