Analisa Torres’ Ruling on XRP to be Affirmed by SEC Appeal, says Ripple CLO
Stu Alderoty, the Chief Legal Officer of Ripple Labs, believes that the U.S. Securities and Exchange Commission’s (SEC) appeal against Judge Analisa Torres’ ruling on XRP will only serve to affirm the decision. Alderoty stated that the judge’s ruling was a faithful application of the law. He also mentioned that Ripple is not concerned about the appeal and believes it may even amplify the decision.
Main Points:
- The SEC is planning to appeal Judge Torres’ ruling on XRP.
- Ripple is confident that the appeal will affirm the decision.
- The XRP ruling could have a significant impact on the SEC’s cases against Binance and Coinbase.
- The ruling clarified that crypto assets traded on exchanges are not securities.
- Ripple’s Chief Legal Officer emphasizes the need for a clear regulatory framework for the crypto sector in the U.S.
Potential Impact on Other SEC Lawsuits
Stu Alderoty believes that the SEC’s appeal against Judge Torres’ ruling on XRP could have far-reaching implications for other SEC lawsuits, particularly those involving Binance and Coinbase. He suggests that the decision clarifies that trading crypto assets on exchanges does not constitute investment contracts and, therefore, they are not securities. This could weaken the SEC’s authority over exchange trades and potentially lead to the agency losing the cases against the two platforms.
Need for Regulatory Clarity
The Ripple CLO emphasizes that the battle for regulatory clarity in the crypto sector is not over. He argues that the SEC’s refusal to apply the law properly and assert jurisdiction where it doesn’t exist has hindered the U.S. from keeping up with the rest of the world. Alderoty calls for a rational, comprehensive, and understandable regulatory framework for cryptocurrencies in the U.S.
Hot Take
The SEC’s appeal against Judge Torres’ ruling on XRP is unlikely to change the outcome. This ruling not only has the potential to impact the SEC’s cases against Binance and Coinbase but also highlights the urgent need for clear regulations in the crypto sector. The SEC’s approach to regulation by enforcement has hindered the U.S. from being at the forefront of the industry.
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