At a recent business school discussion among legal experts, including former SEC litigator Linda Stewart, there were predictions that the ongoing dispute between Ripple Labs Inc. and the Securities and Exchange Commission (SEC) could make its way to the Supreme Court. The crux of the disagreement centers around determining if crypto assets should be classified as securities, an issue that continues to be a point of contention in regulatory circles.
Steward highlighted a crucial distinction made by the SEC, which views the sales and offers of tokens as securities but does not extend this classification to the underlying asset itself. Ripple’s CEO, Brad Garlinghouse, has expressed readiness to escalate the dispute to the highest legal authority, emphasizing the company’s commitment to seeing the case through to its conclusion.
Although Ripple managed to win a partial decision from the SEC in the previous year’s July, they are still facing significant fines from the regulatory body. Moreover, there are predictions that the SEC will contest the 2023 judgment, which classified the sale of XRP tokens as non-security offerings, in the coming future.
Ripple Supreme Court Standpoint
Stuart Alderoty, Ripple’s top legal executive, pointed out that the Supreme Court has frequently sided against the Securities and Exchange Commission (SEC) in recent rulings. This trend increases the likelihood that Ripple may choose to take their case to the Supreme Court.
Based on Steward’s statement, there is a possibility that the Coinbase legal case may reach the Supreme Court. Steward, who has recently joined White & Case law firm following her departure from the SEC, mentioned her previous experiences with lawsuits against companies such as FTX, Ripple, and Terra. Her exit from the SEC occurred concurrently with their ongoing lawsuit against Coinbase. In March, US District Court Judge Katherine Polk Failla made a decision in favor of the Securities and Exchange Commission (SEC) in this ongoing battle.
Pro-XRP Lawyer Sees Victory in Govil Ruling
Previous legal advancements have provided insights into possible changes in regulatory regulations, potentially influencing the outcome of the Ripple versus SEC lawsuit. Notably, the SEC encountered a setback when the Second Circuit Court of Appeals denied their appeal in the Aron Govil case.
Bill Morgan, a lawyer supportive of XRP, viewed this judgement as a favorable turn for Ripple’s ongoing legal battle. According to Morgan, the ruling emphasized that if a seller hasn’t financially harmed the buyer, the Securities and Exchange Commission (SEC) cannot claim compensation from the seller. This judgement has boosted hope among Ripple’s advocates, with Morgan explaining how this decision could potentially impact the larger legal dispute between Ripple and the SEC.
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2024-04-18 01:57