Ripple Won’t Shy Away from Defending XRP Legal Win in SEC Appeal — A Look At What To Expect

Ripple Won’t Shy Away from Defending XRP Legal Win in SEC Appeal — A Look At What To Expect
фото показано с : zycrypto.com

2023-7-29 21:44

In a recent interview with Ripple’s Chief Legal Officer, Stuart Alderoty, he expressed immense satisfaction over the recent partial victory in the court. He called Judge Torres’ decision a significant triumph for both Ripple and the crypto industry in the United States. The decision made public on July 13th, represented a turning point in the continuing lawsuit brought by the Securities and Exchange Commission (SEC) in 2020 against Ripple.

The main aim of the court’s decision was to make it clear that a digital token like XRP is not, by definition, an investment contract. Alderoty emphasized that evaluating the circumstances of the token’s sale and the relationship between the seller and the buyer is essential. He noted that a digital token does not represent a right, title, or interest in the company it is bought from, making it distinct from traditional stocks.

Ripple’s Outlook and Future Steps

Despite the SEC’s potential plan to appeal the ruling, Ripple remains unwavering in its resolve to fight for its legal victory. Alderoty expressed confidence that a Court of Appeal would not only affirm the ruling but could strengthen it further.

Regarding the following steps, Alderoty outlined some unresolved issues concerning sales to institutional buyers. The court is yet to determine whether Ripple’s executives played any role in aiding and abetting those sales. However, the recent ruling’s findings and legal opinions remain unchanged and establish the law of the land, according to Alderoty.

Throughout the interview, Alderoty highlighted the importance of a comprehensive regulatory framework for the crypto industry in the United States. He stated that the SEC’s approach of labelling everything as a security is misguided and leads to uncertainty in the market. Instead, he emphasized the need for rational and understandable regulations that protect consumers, foster innovation, and ensure market integrity.

Alderoty pointed out that the lack of a clear and supportive regulatory environment has pushed Ripple to establish offices in various countries, including Singapore, the UK, Dubai, Brazil, and Ireland. He asserted that the U.S. must work on a comprehensive policy solution to prevent further lagging behind other countries in adopting crypto-friendly regulations.

Looking Ahead: The Impact of the Court’s Ruling

The court’s decision gave Ripple cause to celebrate its triumph and has wider ramifications for the U.S. crypto market. Alderoty thinks the decision makes it very apparent that an asset, such as a digital token, cannot be immediately regarded as a contract for investment. Instead, attention should be paid to who are the parties involved in the trade and the actual manner in which an asset is traded.

Alderoty suggested that this ruling may resonate well in other cases, such as the ongoing Coinbase and Binance cases, as it firmly establishes that the SEC’s jurisdiction extends only to securities. He stressed that while retail purchasers of digital assets deserve protection, there are alternative mechanisms to provide such safeguards without making everything a security.

When asked about the primary regulator for the crypto industry, Alderoty acknowledged the complexity of the question. Rather than focusing on who holds power, he urged for a shift towards finding the best regulatory framework that ensures market integrity, consumer protection, and a conducive environment for crypto innovation.

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