As a seasoned legal observer with a keen interest in the evolving landscape of cryptocurrencies, I find the recent developments in the Ripple case particularly intriguing. Having followed this saga for quite some time now, it seems that the tide may be turning against the SEC in their ongoing battle with Ripple.
In a recent chat with securities law expert Professor J.W. Verret, Ripple‘s chief legal officer Stuart Alderoty expressed his expectation that it might not surprise him if the U.S. Securities and Exchange Commission chooses to file an appeal.
Despite the possible appeal, it’s expected that XRP‘s classification as a non-security will remain unchanged, as stated by Alderoty.
According to U.Today’s report, Judge Analisa Torres has ruled that the resale of the Ripple-linked token, which has been a subject of controversy, is not classified as a security. This decision seems set to remain unaltered, as Alderoty emphasized: “This is the current law, and it will not change, even if the SEC decides to appeal.”
As someone who has worked in the financial industry for many years and closely followed the Ripple case, I find the recent turn of events quite intriguing. Earlier this month, Judge Torres handed down a final judgment in the case, ordering Ripple Labs to pay a hefty $125 million fine as penalties. However, rather than expressing concern over such a substantial penalty, the San Francisco-based company has framed the outcome as a victory against the regulatory agency they have been criticizing for years. In my opinion, this response demonstrates both resilience and strategic positioning on their part.
After the latest court decision, Alderoty appeared on CNBC, asserting that the SEC lost on all key points. Additionally, he stated that the SEC has sixty days to file an appeal if they choose to do so.
According to a report by U.Today, Elliott Stein, a senior legal analyst at Bloomberg, has shared his viewpoint that the outcome of the Ripple case might be favorable for Coinbase as it continues its legal battle with the Securities and Exchange Commission (SEC).
Alderoty further pointed out that the court decision could potentially exert a significant influence on the wider cryptocurrency sector.
He also stated that the SEC’s “war” on crypto had skewed its core mission. At the same time, Alderoty is hopeful that Ripple’s win would allow the industry to turn the page.
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2024-08-15 20:46