XRP and SEC Clash: Ripple’s Legal Chief Foresees Amplified Victory

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In the world of cryptocurrency, the ongoing legal tussle between XRP and SEC is making waves. Ripple’s chief legal officer, Stuart Alderoty, confidently brushes off concerns about a potential appeal by the United States securities regulator to the recent landmark Ripple ruling.

XRP and SEC: A Legal Showdown

Alderoty is of the firm belief that if the SEC decides to appeal, the court might not only uphold Ripple Labs’ partial victory over the financial regulator but could even strengthen it. In a recent TechCrunch podcast, Alderoty reaffirmed his stance that the XRP token is not an investment contract, and Ripple won’t back down from any appeal initiated by the SEC.

“We believe the judge made the right call, and we think that was a faithful application of the law. We anticipate a court of appeals will not only affirm that but perhaps even amplify that to an even greater extent,” Alderoty stated.

The Ripple Effect

On July 13, Judge Analisa Torres ruled that XRP was not a security when sold to the public on crypto exchanges, but it could be treated as a security when sold to institutional investors. The SEC, however, expressed its dissatisfaction with the ruling and hinted at a possible appeal.

The SEC’s Stance

The SEC’s lawyers wrote, “Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them,” asserting that retail sales of XRP should have been deemed securities. SEC Chair Gary Gensler also voiced his disappointment over the court’s decision on XRP, stating that the regulator would continue to assess the ruling.

Ripple’s Predictions

In light of the ruling, Alderoty predicted that if the SEC continues to claim that crypto assets themselves are securities, it would start losing ongoing cases where the SEC attempts to make such claims. “Our case and the decision rendered by our judge [Torres] will provide comfort to other judges that the SEC is just misguided,” he said.

Despite his optimism, Alderoty cautioned that the crypto sector is still far from standing on solid regulatory ground. He criticized the SEC’s regulation by enforcement approach, which has caused crypto laws in the U.S. to lag behind other jurisdictions.

“We still need a rational, comprehensive, and understandable regulatory framework for crypto in the U.S.,” he said. “Because of the SEC’s refusal to faithfully apply the law […] the U.S. has been visibly falling behind the rest of the world.”

As of now, XRP is trading at around $0.70, marking a nearly 43% increase in the last month. The XRP and SEC saga continues, and the crypto world watches with bated breath.

Steve Beckford

Steve Beckford

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