{"id":15188,"date":"2024-07-13T16:28:11","date_gmt":"2024-07-13T13:28:11","guid":{"rendered":"https:\/\/forklog.com\/en\/ripple-reflects-on-year-since-partial-victory-over-sec\/"},"modified":"2024-07-13T16:28:11","modified_gmt":"2024-07-13T13:28:11","slug":"ripple-reflects-on-year-since-partial-victory-over-sec","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ripple-reflects-on-year-since-partial-victory-over-sec\/","title":{"rendered":"Ripple Reflects on Year Since Partial Victory Over SEC"},"content":{"rendered":"<p>Last summer, the Southern District Court of New York ruled in favor of Ripple Labs in its ongoing case against the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, which began in 2020. A year later, the company&#8217;s chief legal officer, Stuart Alderoty, discussed the ruling&#8217;s impact on the industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Some reflections as we approach the one year anniversary of Judge Torres\u2019 Summary Judgment decision in the SEC v Ripple lawsuit.<\/p>\n<p>First and foremost \u2013 it was a watershed moment to find as a matter of law, a token \u2013 in this case, XRP \u2013 in and of itself, is not a security.<\/p>\n<p>This\u2026 <a href=\"https:\/\/t.co\/0gh0EYhFZO\">https:\/\/t.co\/0gh0EYhFZO<\/a><\/p>\n<p>\u2014 Stuart Alderoty (@s_alderoty) <a href=\"https:\/\/twitter.com\/s_alderoty\/status\/1811868845990126026?ref_src=twsrc%5Etfw\">July 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;First and foremost, it was a watershed moment, clarifying that from a legal standpoint, a token \u2014 in this case, XRP \u2014 is not a security in itself,&#8221; he stated.<\/p>\n<\/blockquote>\n<p>On July 13, 2023, Judge Analisa Torres concluded that sales and other distributions of XRP do not constitute an offer and sale of investment contracts. However, Ripple&#8217;s victory was incomplete \u2014 according to the court&#8217;s decision, institutional purchases of coins exceeding $700 million violated U.S. laws.<\/p>\n<p>Alderoty believes this decision set a precedent for many other companies (most recently for Binance). Thus, courts &#8220;recognized the SEC&#8217;s gross abuses and lack of commitment to the law under Chairman Gary Gensler,&#8221; the lawyer opined.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Courts have provided much-needed scrutiny of the Commission&#8217;s behavior, but clarifying each token through endless litigation is unacceptable. Policymakers on both sides are increasingly frustrated by the lack of legislative progress in the cryptocurrency sphere, as the U.S. continues to lag behind the rest of the world,&#8221; added the Ripple executive.<\/p>\n<\/blockquote>\n<p>He emphasized that the company&#8217;s case against the regulator is not yet fully resolved. However, Alderoty expressed confidence in maintaining the decision regarding XRP&#8217;s status.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Do not be distracted by the SEC&#8217;s ongoing efforts to entangle Ripple and the rest of the industry in litigation \u2014 the agency&#8217;s runway is coming to an end. Ripple and the entire industry will continue to grow stronger long after Gensler&#8217;s departure,&#8221; the lawyer concluded.<\/p>\n<\/blockquote>\n<p>In March, the SEC requested the court impose a <a href=\"https:\/\/u1f987.com\/en\/news\/sec-seeks-2-billion-penalty-for-ripple-labs\">$2 billion penalty<\/a> on Ripple Labs, including fines. Later, the company sought to reduce the payment to $10 million.<\/p>\n<p>Earlier in February, Ripple investors <a href=\"https:\/\/u1f987.com\/en\/news\/investors-renew-class-action-lawsuit-against-ripple\">filed<\/a> an updated class action lawsuit against the company, alleging violations of securities laws.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last summer, the Southern District Court of New York ruled in favor of Ripple Labs in its ongoing case against the SEC, which began in 2020. A year later, the company&#8217;s chief legal officer, Stuart Alderoty, discussed the ruling&#8217;s impact on the industry. Some reflections as we approach the one year anniversary of Judge Torres\u2019 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,112,128],"class_list":["post-15188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15188"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15187"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}