- Ripple’s lawsuit with the United States Securities and Exchange Commission (SEC) continues, with new insights emerging about the SEC’s stance on the matter.
- Attorneys Jeremy Hogan and Stuart Alderoty have debunked claims suggesting the SEC doesn’t regard Ripple’s XRP token as a security.
Ripple vs. SEC – Unraveling a Legal Labyrinth
In the ongoing legal standoff between blockchain firm Ripple and the U.S. Securities and Exchange Commission (SEC), recent developments have sparked fresh debates around the nuances of the court ruling and the SEC’s stand on the issue. The key protagonists shedding light on these developments are attorneys Jeremy Hogan and Stuart Alderoty, both of whom have been deeply involved in the case.
Amidst suggestions that the SEC did not classify Ripple’s XRP token as a security, Alderoty clarified the misconception in a social media post on August 5th. He presented the SEC’s own wording from its complaint against Ripple, underlining that such beliefs were misguided. The SEC, it seems, certainly views XRP as a security.
Adding fuel to this revelation, Hogan shared an excerpt from the 2021 hearing transcript on August 6. The SEC lawyer in the document argues that XRP remains a security, but that there’s an exemption for individuals to sell. This unequivocally affirms that
“the SEC absolutely believes that XRP itself is a security,”
as Hogan puts it. The judge, however, rejected this belief in her ruling.
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Comparing Ripple vs. Terra Cases
John E. Deaton, an attorney who served as amicus curiae during the lawsuit, drew attention to the contrasts between Ripple’s case and the beleaguered Terra (LUNA) ecosystem case. He elucidated the distinct nature of these cases, including their stages, factual differences, tokens, defendants involved, and the ultimate implications.
Charles Slamowitz, a notable Web3 attorney, previously expressed his concerns over the Ripple lawsuit’s long-term impact on the crypto landscape. In his view, the court case’s continuation could be a detriment in the ongoing quest for clarity in the cryptosphere.
In the midst of this legal maze, the XRP token, the lawsuit’s primary subject, has seen a slight decrease in value, trading at $0.613256 as of press time on August 7. Despite this decline, it has managed to retain a monthly gain of 31.27%. As the Ripple vs. SEC drama continues to unfold, the crypto community closely watches for the potential ripple effects on the industry.
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