Ripple CLO, Stuart Alderoty has come out to say that any move to by the SEC to appeal the current ruling is boost for the firm The post Ripple CLO Believes SEC Appeal Could Lead to Victory for the Firm appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and ...
Ripple Lab’s Chief Legal Officer (CLO), Stuart Alderoty, holds a firm belief that an appeal initiated by the Securities and Exchange Commission (SEC) could potentially lead to Ripple further solidifying its triumph over the regulatory body. As per the announcement, Alderoty’s confidence stems from the recent favorable outcome Ripple achieved in its legal battle against the SEC.
Ripple CLO Comments on the XRP Ruling
In a recent development of the ongoing legal saga, Ripple, a prominent blockchain technology company, managed to secure a significant victory in its fight against the SEC.
The regulatory agency accused Ripple of conducting an unregistered securities offering through its cryptocurrency, XRP. However, the court ruling sided with the blockchain firm, raising the possibility of a potential shift in the dynamics between the two parties.
Alderoty’s optimistic outlook on the matter is fueled by the belief that an appeal by the SEC could potentially backfire. He suggests that an appeal might present Ripple with an opportunity to further strengthen its case, presenting more robust arguments and evidence to bolster its defense. This, in turn, could result in an even more resounding triumph for Ripple in the court.
Crypto Participants React to the Ruling
The SEC’s lawsuit against Ripple has been closely monitored by market participants, as it could potentially set a precedent for rupture regulatory actions concerning digital assets. A definite victory for Ripple could signal a more favorable environment for other blockchain companies, providing them with clearer guidelines on regulatory compliance.
However, it is important to note that legal proceedings can be unpredictable, and an appeal by the SEC does not guarantee a favorable outcome for Ripple.
Recall that, the former SEC regional director and experienced attorney, Marc Fagel weighed in on the ongoing legal battle between Ripple and the SEC. Fagel believes that while Ripple may be celebrating their recent victory based on the recent summary judgment, their triumph could be cut short if the case is appealed to the Second Circuit Court.
Gary Gensler’s Comment on the Ruling
As reported by thecoinrise.com recently, Gary Gensler, the US Securities and Exchange Commission Chairman provided a glimpse into the SEC’s reaction to the court ruling in the Ripple case during his interaction with reporters after a recent Senate Appropriations Committee appearance.
He highlighted that the agency found merit in parts of the ruling concerning institutional investors. Also, Gensler expressed reservations regarding the application of the Howey analysis to retail sales. While he acknowledged the court’s stance on this aspect, he made it clear that the SEC was still examining the implications of the ruling on retail transactions.