By Bitcoinist - 9 months ago - Reading Time: 3 minutes
CLO Asserts: SEC Appeal May Actually Amplify Ripple’s Victory in XRP Case
Ripple Chief Legal Officer, Stuart Alderoty, has stated that despite the recent federal court ruling that determined XRP as not a security when sold to the general public, Ripple’s battle for regulatory clarity is far from over.
Alderoty commented on TechCrunch’s Chain Reaction podcast, highlighting the ongoing need for a rational, comprehensive, and understandable regulatory framework for cryptocurrencies in the United States.
Ripple Expects Court Of Appeals To Affirm Ruling
The recent court ruling was a significant win for Ripple and the broader crypto community. However, the U.S. Securities and Exchange Commission (SEC) has clarified that it disagrees with the decision.
In a statement made after the ruling, the SEC stated that the verdict in favor of Ripple on secondary market sales was “wrongly decided” and that the court “should not follow them.” The agency is now considering other avenues for further review.
Despite this, Alderoty remains confident in the judge’s ruling and believes a court of appeals will affirm it. He also suggests that the decision will set a precedent to comfort other judges that the SEC is misguided in its approach to cryptocurrencies.
While the recent ruling may have clarified the XRP token’s status, the broader regulatory landscape for cryptocurrencies in the US remains unclear. Alderoty believes that the SEC’s failure to apply the law faithfully has resulted in the US falling behind other countries in the crypto space.
As such, Ripple is committed to continuing the fight for regulatory clarity and is not shying away from the likely appeal by the SEC.
Alderoty’s comments highlight the need for a sensible and comprehensive regulatory framework that provides clarity and certainty for the crypto industry. The industry will face uncertainty and challenges until such a framework is in place.
XRP Holders Join Forces Across Political SpectrumJohn Deaton, a lawyer and one of the leaders of the 75,000 group of XRP holders, has highlighted the diversity of the group and the bipartisan nature of crypto.
In a recent tweet, Deaton pointed out that the XRP holders who joined to fight the SEC’s lawsuit against Ripple Labs include Republicans, Democrats, Independents, Progressives, Conservatives, Capitalists, Socialists, Libertarians, and more.
Deaton also expressed disappointment in the perceived anti-crypto stance of the Democratic Party, led by Senator Elizabeth Warren and SEC Chairman Gary Gensler.
However, he noted that the recent vote by six Democrats against a proposed amendment to the infrastructure bill that would have imposed new reporting requirements on crypto transactions was a significant blow to the Warren/Gensler anti-crypto campaign.
Deaton suggests that cracks like these, especially on the eve of an election year, could lead to a breakthrough in the fight for regulatory clarity and fairness for the crypto industry. He believes that the diversity of the XRP holder group and the bipartisan support for crypto should be a reminder that this issue transcends political affiliations.
The proposed amendment to the infrastructure bill, which would have imposed new reporting requirements on crypto transactions, was widely criticized by the crypto community for being overly broad and potentially damaging to the industry.
The six Democrats who voted against the amendment were praised by many in the industry for their support of crypto and recognition of the need for sensible regulation.
While the fight for regulatory clarity in the crypto industry will undoubtedly continue, the bipartisan support for crypto and the recent vote against the proposed amendment are positive signs for the industry’s future.
As Deaton suggests, the diversity of the XRP holder group and the growing political support for crypto could be instrumental in bringing about positive change for the industry.
Featured image from Unsplash, chart from TradingView.com
Original source: Bitcoinist