|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
2 Outcomes: Ripple's Stuart Alderoty Weighs In on SEC Appeal
Oct 22, 2024 at 08:30 am
Ripple's chief legal officer, Stuart Alderoty, shared his perspective on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) in a post on social media platform X on Sunday.
Ripple's chief legal officer has highlighted two potential outcomes for the U.S. Securities and Exchange Commission (SEC)’s appeal in the Ripple lawsuit over XRP. He explained the SEC’s best-case scenario and noted that Ripple’s Fair Notice defense remains solid. The Ripple legal chief also reaffirmed XRP’s non-security status despite the appeal.
Ripple's Stuart Alderoty on SEC Appeal: 2 Outcomes, XRP Not a Security
Highlighting the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple's chief legal officer Stuart Alderoty shared his perspective in a post on X on Sunday.
Emphasizing that the outcome of the SEC's appeal is likely limited to two possibilities, Alderoty stated that either the Second Circuit Court of Appeals will affirm District Judge Analisa Torres' ruling or it will expand upon it. He explained:
“The 2nd Cir. will either affirm Judge Torres or expand her ruling. The best the SEC can hope for (and it's a remote hope) is a remand.”
Highlighting Judge Torres' stance during the SEC's failed “interlocutory” appeal, Alderoty noted that Judge Torres maintained that “Howey and all of Ripple's defenses, including Fair Notice, would then be back on the table.” He further explained the Fair Notice standard as follows:
“The Fair Notice standard asks if a person of ‘ordinary intelligence’ was aware of what the law prohibited.”
Continuing his commentary on the legal proceedings, the Ripple chief legal officer stated:
“The SEC could end up arguing to Judge Torres that she wasn't a person of ‘ordinary intelligence’ when she ruled against them. Awkward.”
In a rather imaginative comparison, Alderoty likened the ongoing legal saga between the SEC and Ripple to classic stories, stating that the case has always felt like “Moby Dick (with SEC Chair Gary Gensler starring as Captain Ahab)” but now feels more like “Mobi Dick meets My Cousin Vinny.”
Emphasizing the court ruling that declares XRP not a security in retail sales as still intact, despite the SEC's appeal, Alderoty stated in June that the agency is contesting several other elements of the July 2023 decision by Judge Torres. In response, Ripple plans to file a cross-appeal. This high-profile legal battle could have significant implications for future cryptocurrency regulations and the classification of digital assets like XRP.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.