It is most likely verified in the most recent filing by the U.S. Securities and Exchange Commission (SEC) that the government organization will not be appealing Judge Torres’ decision. CEO Brad Garlinghouse and CLO Stuart Alderoty are certain that the SEC won’t file an appeal, despite Ripple having obtained a stay order from the court to withhold a $125 million payment.
US SEC and CEO of Ripple Alludes to No Appeal in XRP Case
In the Binance litigation, the US SEC has submitted a move to modify the initial complaint. The government organization has chosen to stop using the term “crypto asset securities” in crypto cases and expresses sorrow for doing so.
Notably, the SEC is not putting up the claim that tokens like POL (formerly known as MATIC), Cardano (ADA), and Solana (SOL) are not securities. But because the government still thinks that cryptocurrency is being marketed and sold as investment contracts, it will keep alleging that these tokens are securities on secondary markets. Consequently, there were more secondary sales-related problems in the cryptocurrency sector.
This indicates that the regulator will not appeal Judge Torres’ summary ruling in the complaint over XRP programmatic sales. Furthermore, the judge said that a “programmatic buyer stood in the same shoes as a secondary market purchaser” but did not rule on secondary sales.
The Opinions of CLO Stuart Alderoty and CEO Brad Garlinghouse of Ripple
The XRP litigation has ended, according to Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty, while the SEC is considering filing an appeal against the remedies finding. Although a cross-appeal is more likely, they do not plan to appeal initially.
Should the agency fall short against Ripple in the Second Circuit Court, it will establish a legally binding standard for other courts. It dissuades the SEC from pursuing an appeal in the Ripple case until it has additional information or proof.
“Ripple’s case is over, but the ‘fair notice’ defense is still alive for others,” stated Alderoty in a post today. The 2017 DAO report is used by the SEC as evidence of an industry notice that “crypto asset securities” are governed by US securities laws. The SEC apologizes to a federal judge seven years later.
Garlinghouse claims that as a result of the XRP litigation, regulations around XRP are becoming clearer in the US and other nations. This clarification emphasizes how XRP is being incorporated into conventional financial systems, probably through an XRP ETF, along with innovations like the Grayscale XRP Trust and CME XRP Index.
Following the most recent events, the price of XRP has increased by more than 9% in just one week. The price is at $0.57 right now, having had a 24-hour low of $0.555 and a high of $0.574, respectively. In addition, there has been a 23% decline in trade volume in the past day.
