Tag: Ripple

Cathie Wood very positive on Coinbase after Ripple court ruling

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Cathie Wood, the founder and CEO of ARK Investment Management, said she remains bullish over Coinbase in light of Ripple’s partial victory over the Securities and Exchange Commission on July 13.  While Wood noted the ruling wasn’t in outright favor of Ripple, she lauded the outcome as “by and large, very positive for [crypto] exchanges.” Wood joins the ranks of crypto industry pundits who have made similar points, arguing that the ruling — which found that XRP (XRP) tokens sold to retail investors on crypto exchanges were not securities —…

Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration

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United States Securities and Exchange Commission (SEC) chair Gary Gensler has commented publicly about the last week’s ruling on the agency’s suit against Ripple.  Gensler gave a talk on artificial intelligence at the National Press Club on July 17 and was asked about the ruling during the questions and answers afterward. Does the ruling affect his stance on cryptocurrency, and does it “inject urgency into the need for federal legislation to clarify regulatory oversight of this industry,” he was asked. He replied: “We are pleased from that decision recognizing the importance of…

Ripple court ruling makes call for regulation ‘more compelling and more urgent’ — former CFTC chair

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Timothy Massad, former chair of the United States Commodity Futures Trading Commission (CFTC), has said though a Securities and Exchange Commission (SEC) v. Ripple court ruling may impact the way businesses and lawmakers address crypto, his call for regulatory clarity remains the same. In a July 7 op-ed with The Wall Street Journal, Massad and former SEC chair Jay Clayton suggested that lawsuits brought by the SEC and CFTC against crypto firms were “unlikely to bring about a significant improvement in investor protection and market integrity quickly”. The comments came…

SEC vs Ripple referred to judge who ordered release of ‘Hinman Documents’

The next phase of the ‘SEC vs Ripple’ case is set to move forward as U.S. District Judge Analisa Torres of the Southern District of New York filed paperwork on July 17 referring the case to Magistrate Judge Sarah Netburn. First reported by journalist Eleanor Terrett, the court issued an “amended order of reference to a Magistrate” transferring judiciary oversight of the case to the Magistrate’s office: NEW: District Judge Torres has referred the @Ripple case to Magistrate Judge Netburn for General Pretrial (includes scheduling, discovery, non-dispositive pre-trial motions and…

SEC v. Ripple referred to judge who ordered release of ‘Hinman Documents’

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The next phase of the United States Securities and Exchange Commission (SEC) v. Ripple case is set to move forward, as Judge Analisa Torres of the U.S. District Court for the Southern District of New York filed paperwork on July 17 referring the case to Magistrate Judge Sarah Netburn. First reported by journalist Eleanor Terrett, the court issued an “amended order of reference to a Magistrate,” transferring judiciary oversight of the case to the magistrate’s office. NEW: District Judge Torres has referred the @Ripple case to Magistrate Judge Netburn for…

Ripple CLO says court ruling could encourage banks to adopt XRP: Report

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Stu Alderoty, the chief legal officer for Ripple Labs, has reportedly said United States-based banks may turn to XRP for cross-border transactions following a recent court ruling. According to a July 17 CNBC report, Alderoty expressed confidence that U.S. banks and financial institutions could begin exploring XRP for use in cross-border payments. The Ripple CLO reportedly made the statement less than 24 hours after a federal judge in the firm’s case against the U.S. Securities and Exchange Commission (SEC) ruled the XRP token was not necessarily a security. “I think…

Ripple decision is ‘troublesome on multiple fronts’, says former SEC official

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Former Securities and Exchange Commission official John Reed Stark spoke out against the recent ruling on Ripple Lab’s case, calling the decision “troublesome on multiple fronts” in a LinkedIn analysis. Stark broke down Judge Analisa Torres’ decision from July 13 by examining the grounds upon which she ruled in favor of Ripple in a lawsuit brought by the SEC back in 2020, alleging that the company’s XRP (XRP) token was a security. Some thoughts on the SEC/Ripple decision. https://t.co/A94kHlGI9N pic.twitter.com/lcwWML49kO — John Reed Stark (@JohnReedStark) July 14, 2023 Judge Torres’…

SEC could be waiting ‘years’ to file appeal in Ripple case: Brad Garlinghouse

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Ripple CEO Brad Garlinghouse believes the United States Securities and Exchange Commission (SEC) will face a prolonged process before having the chance to appeal Judge’s Torres favorable ruling in the case against Ripple.  On July 13, Judge Torres ruled partially in favor of Ripple Labs in a case brought forth by the Securities and Exchange Commission in 2020, ruling that the XRP (XRP) token is not a security regarding retail sales on digital asset exchanges. However, Torres ruled that XRP is a security when sold to institutional investors, as it…

Ripple CEO calls XRP ruling a win for crypto industry

Ripple CEO Brad Garlinghouse has shared his sentiments about a recent ruling that XRP is not a security. On July 13, Federal District judge Analisa Torres ruled that XRP, the native currency of the XRP Ledger (XRP), is not an unregistered security, except when used to raise funds from institutions. Garlinghouse shed light on the outcome of the XRP ruling, emphasizing the positive impact on Ripple and the crypto industry. In a July 14 interview on Bloomberg TV, Garlinghouse highlighted the SEC’s previous lawsuits against himself, Ripple co-founder Chris Larson, and the…