Ripple CLO Criticizes SEC Appeal as โHypocritical Pivotโ
Rippleโs Chief Legal Officer, Stuart Alderoty, has criticized theย Unitedย States Securities and Exchange Commission (SEC) appeal as a hypocritical move. This comesย after the SEC has long insisted that the regulations are clear and must be obeyed. In its filing, the SEC stated that the Second Circuit needs to review the complex legal problems in applying the Howey Test.
SEC Files Response to Ripple
In its response to Ripple, the SEC discussed the legal problems and urged the court to certify its interlocutory appeal. The SEC claimedย that different courts within the same district have reached conflicting legal conclusions on the matter, and other courts are likewise deliberating on similar questions. The SEC believes that permitting the appeal and issuing a stay would benefit all parties involved by conserving resources. It likewise mentioned that the appeal could open the door for Ripple to seek a review regarding institutional sales.
Ripple Buys Fortress Trust
Regardlessย of the ongoing legal issues, Ripple has completed the acquisition of Webย 3.0 infrastructure startup Fortress Trust. This purchase allows Ripple to expand its regulatory licenses, including a Nevada Trust license. The company already holds a NY BitLicense, over 30 Money Transmitter Licenses across the Unitedย States, and an in-principle Major Payment Institution License in Singapore.
Hot Take
The SECโs appeal and Rippleโs acquisition of Fortress Trust are further developments in the ongoing legal battle. The SECโs argument for a stay of proceedings has been criticized, with some stakeholders finding it laughable. The impact of these events on XRPโs price performance remains to be seen.
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