The complexities surrounding a plausible SEC appeal against Ripple’s legal stand are dismissed by Ripple’s legal officer. Stuart Alderoty believes that if the SEC pursues an appeal, it might consolidate Ripple Labs` triumph over the financial regulator.
In a recent TechCrunch podcast, Stuart Alderoty reiterated that the XRP token should not be considered an investment contract. He emphasized that the Ripple team remains resolute and unyielding in the face of any potential appeal by the SEC.
Alderoty believes that the judge’s ruling in the case was accurate and aligned with the legal principles governing the matter. The Ripple`s legal team’s unwavering confidence in their position stems from their conviction that XRP is not an investment contract. As the legal battle continues to unfold, Ripple is prepared to stand firm and defend their perspective before the court.
Stuart Alderoty highlights the significance surrounding the classification of cryptocurrencies under existing securities regulations. The outcome of this case can potentially shape the future regulatory landscape for digital assets. Hence, both the cryptocurrency industry and regulatory authorities are closely monitoring its developments.
Judge Analisa Torres confirmed in the context of the ripple legal stand that XRP was not classified as a security during its public sale on crypto exchanges. However, it could be considered one when sold to institutional investors.
Ripple`s Legal Stand: SEC’s Grievances and Potential Path Forward
On July 21, during the SEC’s ongoing case against Terraform Labs founder Do Kwon, the regulator expressed its grievances with the ripple legal stand, hinting at a future appeal of the split-decision ruling.
However, SEC lawyers believe that certain aspects of the Ripple ruling were improperly decided. They also opined that retail sales of XRP should have been treated as securities. The Lawyers also added, “The SEC staff is exploring various avenues for further review and intends to propose that the SEC pursue such a review.”
SEC Chair Gary Gensler also expressed disappointment over the Court’s verdict on XRP, asserting that the regulator would continue to evaluate the ruling.
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