NewsletterXRP Lawsuit: SEC Filing, Ripple CEO Infer No Appeal Against Judge Torres Ruling
Highlights
- U.S. SEC and Ripple executives hinted at no appeal against Judge Torres' summary judgment.
- Ripple executives believe the XRP lawsuit is over while the SEC deliberates to appeal the remedies ruling.
- If SEC filed and lose an appeal, it will create a binding precedent over other courts weakening the agency's case.
- XRP price has climbed more than 9% in a week.
XRP Lawsuit: The latest filing by the U.S. Securities and Exchange Commission (SEC) has likely confirmed that the government agency will not appeal Judge Torres’ ruling. While Ripple received a stay order from the court to hold a $125 million payment, CEO Brad Garlinghouse and CLO Stuart Alderoty remain optimistic about no appeal by the SEC.
US SEC and Ripple CEO Hints At No Appeal in XRP Lawsuit
The US SEC has filed a motion to amend the original complaint in Binance lawsuit. The government agency regrets using the term “crypto asset securities” in crypto cases and decided to drop its use.
Notably, the SEC is not advancing the argument that 10 tokens such as Solana (SOL), Cardano (ADA), and POL (previously MATIC) are not securities. However, the agency will continue to allege these tokens as securities in secondary markets, believing that the crypto continue to be offered and sold as investment contracts. As a result, the crypto industry saw a rise in issues related to secondary sales.
This signals the regulator will not appeal Judge Torres’ summary judgment on XRP programmatic sales in the lawsuit. Moreover, the judge did not issue a ruling on secondary sales, but stated that “programmatic buyer stood in the same shoes as a secondary market purchaser.”
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty’s Views
While the SEC deliberates to appeal against the remedies ruling, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty have confirmed that the XRP lawsuit is over. They do not intend to appeal first, but cross-appeal is more likely.
If the agency loses to Ripple in the Second Circuit Court, it will create a binding precedent over other courts. It discourages the SEC from appealing the Ripple case unless the agency has new clarity or evidence.
Alderoty in a post today said “Ripple’s case is over, but the ‘fair notice’ defense is still alive for others. The SEC cites the 2017 DAO report as industry notice that ‘crypto asset securities’ are subject to US securities laws. Seven years later, the SEC apologizes to a federal judge.”
Garlinghouse asserts that XRP is gaining regulatory clarity in the US and other countries after the XRP lawsuit. This clarity, alongside developments like Grayscale XRP Trust and CME XRP Index, underscores the integration of XRP into traditional financial systems, including a likely XRP ETF.
XRP price has soared more than 9% in a week after the latest developments. The price currently trading at $0.57, with a 24-hour low and high of $0.555 and $0.574, respectively. Furthermore, the trading volume has decreased by 23% over the last day.
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