U.S. Securities and Exchange Commissioner (SEC) Chair Gary Gensler said Monday that he was disappointed with a district court’s decision in the Ripple case regarding retail investors, but pleased with the part of the order which found that institutional sale of the tokens did violate federal securities laws. Source
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…
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…
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…
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’…
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 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…
In every major litigation, there comes a moment when you realize it’s time to settle. A ruling doesn’t go your way, a juror gives your legal team the side eye, the judge makes it clear it’s time for a settlement conference. After Judge Analisa Torres’ decision in SEC v. Ripple, the time has come for the United States Securities and Exchange Commission to settle the remainder of its case against Ripple Labs — as well as its case against Coinbase. The SEC’s attack on crypto has used a flexible legal…
The SEC and those who support its approach are likely concerned that this no-good, very bad day becomes no-good, very bad days. A string of court losses with similar legal reasoning as yesterday’s ruling in the Ripple case would weaken anti-crypto Democrats’ negotiating hand further. One takes this risk when placing all their betting chips on a novel legal strategy. When you lose, you lose significantly, and the other side of the debate understands that your negotiating leverage worsens by the day. Source
A court ruling in favor of Ripple Labs — stating that XRP (XRP) is not a security — reignited the long-lost hype around the ecosystem. Anticipating an influx of scams as the token rallied, defying bearish sentiments, Ripple chief technology officer David Schwartz issued a warning to investors. A two-year-long legal battle between the United States Securities and Exchange Commission (SEC) and Ripple partly concluded on July 13, with its XRP token shaking off the “securities” label in a decision by the United States District Court for the Southern District…