Chair

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p>On this day, exactly a year ago, Judge Torres issued an important ruling, which states, among other things, that XRP is not a security. This marked a milestone both for Ripple and crypto regulation.</p>
<blockquote>
 <p lang="en" dir="ltr">A huge win today – as a matter of law - XRP is not a security. Also a matter of law - sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions – to developers, to charities, to employees are not securities.</p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1679553612236881921?ref_src=twsrc%5Etfw">July 13, 2023</a>
</blockquote> 
<p>To commemorate this date, Ripple Chief Legal Officer Stuart Alderoty <a href="https://x.com/s_alderoty/status/1811868845990126026">shared</a> his reflection on the outcomes of the ruling.</p>
<h2 id="gross-overreach">"Gross overreach"</h2>
<p>According to Alderoty, the decision has broader implications considering the general position of the U.S. Securities and Exchange Commission (SEC). For instance, the recent development of Binance is another example of the SEC's “overreach” under Chair Gensler.</p>
<p>However, he noted that resolving the status of tokens on a case-by-case basis through extensive litigation is not a viable long-term solution.</p>
<p>Alderoty pointed out growing frustration among policymakers from both political parties over the lack of legislative progress on crypto regulations. He warned that the U.S. is falling behind other countries in this regard.</p>
<h2 id="ripple-v-sec-ending">Ripple v. SEC ending</h2>
<p>For nearly four years, Ripple has been in a legal battle with the SEC. The latter accused Ripple of conducting an unregistered securities offering through the sale of XRP. The outcome of this high-profile case could significantly impact the cryptocurrency industry.</p>
<p>Although the exact date of the highly-anticipated verdict remains unknown, some <a href="https://u.today/when-ripple-v-sec-end-date-xrp-advocate-shares-epic-prediction">speculate</a> it might happen in late July.</p>
<p>In April, Ripple filed its opposition to the SEC's motion for remedies. Ripple contends that any civil penalty should not exceed $10 million, whereas the SEC had previously argued for a much steeper penalty of $2 billion.</p>

XRP Is Not Security: Ripple CLO Celebrates 'Huge Win' Over SEC

Table of Contents

U_Today

Egyéb ezen a dátumon (2024. júl. 13.) megosztott cikkek

SOL and TON Ready for New ATH: Why and How

Will Bitcoin ETFs’ $15.5 billion net inflows be enough to rescue BTC’s price?

Effortless Multi-Token Management for New Users

Ripple CLO Reflects on First Anniversary of Positive Court Ruling

Cardano (ADA) & Shiba Inu (SHIB) Bounce Back Whilst Clandeno (CLD) Launches With Huge Hype

Benzinga Bulls And Bears: Apple, Nvidia, Palantir, MicroStrategy And Shiba Inu's Ambitious Trilli...

Join our free newsletter for daily crypto updates!