As a seasoned analyst with over two decades of experience in the financial industry, I find myself intrigued by Stuart Alderoty’s optimistic outlook regarding the case between Ripple and the SEC. His confidence in the U.S. Court of Appeals for the Second Circuit is not unfounded, given their reputation for thoroughness and fairness. However, as we all know, predictions can sometimes be like trying to predict the outcome of a game of roulette – exciting, but not always accurate!
Stuart Alderoty, the legal chief at Ripple (based in San Francisco), firmly believes that the U.S. Court of Appeals for the Second Circuit will either uphold the decision made by Judge Analisa Torres or potentially broaden its scope.
In Alderoty’s opinion, the ideal outcome for the SEC (Securities and Exchange Commission) would be a “remand,” which refers to a situation where a higher court sends a case back to a lower court for reconsideration or additional proceedings.
In October, Judge Torres rejected the SEC’s request to certify its interlocutory appeal.
According to Alderoty’s observation, the judge explicitly stated that Ripple’s defenses such as the “fair notice” defense will again be under consideration.
The court did not reach the argument about the defendants’s fair notice defenses as to the programmatic sales and other distribution. “If the Order were reversed and the case remanded, the Court may consider some of these questions in the first instance,” according to Judge Torres.
The core argument in the defense is that neither the controlled entity nor the individuals knew that their actions were against the rules.
Nevertheless, the court found Ripple’s claims regarding the SEC’s lack of guidance on institutional sales to be unfounded.
Concurrently, Judge Torres determined that Ripple was not found guilty of breaching securities regulations during its sales to retail trading platforms through automated means.
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2024-10-21 11:17