{"id":81838,"date":"2023-07-18T12:41:17","date_gmt":"2023-07-18T09:41:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81838"},"modified":"2025-09-12T01:28:13","modified_gmt":"2025-09-11T22:28:13","slug":"gary-gensler-partially-backs-court-ruling-in-ripple-case","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gary-gensler-partially-backs-court-ruling-in-ripple-case\/","title":{"rendered":"Gary Gensler partially backs court ruling in Ripple case"},"content":{"rendered":"<p>Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler said the agency was &#8220;disappointed&#8221; by the court&#8217;s ruling in the <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-ripple-and-the-cryptocurrency-xrp\">Ripple<\/a> case with respect to retail investors, but &#8220;quite pleased&#8221; with the verdict concerning institutional sales.<\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/xR4l5F8fLRU\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are still reviewing and evaluating this opinion,&#8221; the official stressed.<\/p>\n<\/blockquote>\n<p>When asked about drafting new rules for the crypto industry, Gensler said it was still &#8220;too early,&#8221; citing the ongoing litigation. However, he reminded of the existing rules for securities exchanges.<\/p>\n<p>The regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">filed a lawsuit<\/a> against Ripple in 2020, accusing the company of distributing unregistered securities in the form of the platform&#8217;s native tokens.<\/p>\n<p>On July 13, 2023, Judge Analisa Torres <a href=\"https:\/\/u1f987.com\/en\/news\/ripple-wins-case-against-the-sec-as-xrp-jumps-24-in-an-hour\">ruled<\/a> that the sales and other distributions of XRP did not constitute an offer or sale of investment contracts.<\/p>\n<p>However, purchases of the coins worth more than $700 million by major players still violated U.S. law. Torres granted the SEC&#8217;s motion for a summary judgment on this issue.<\/p>\n<p>Brad Garlinghouse, Ripple&#8217;s chief executive, and Chris Larsen, the company&#8217;s chief executive, now face a jury trial. It will decide whether the top executives are liable for the unlawful sale of tokens to institutional investors.<\/p>\n<p>Former SEC lawyer John Reed Stark <a href=\"https:\/\/u1f987.com\/en\/news\/former-sec-lawyer-calls-ripple-ruling-shaky\">called<\/a> the Ripple verdict &#8216;shaky&#8217;. He did not rule out that the agency would appeal the ruling, and that a higher court could overturn decisions related to &#8216;programmatic&#8217; and &#8216;other sales&#8217;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said the agency was &#8216;disappointed&#8217; by the court&#8217;s decision in the Ripple case regarding retail investors, but &#8216;quite pleased&#8217; with the verdict concerning institutional sales.<\/p>\n","protected":false},"author":1,"featured_media":81839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1181,112,128],"class_list":["post-81838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gary-gensler","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81838","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=81838"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81838\/revisions"}],"predecessor-version":[{"id":81840,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81838\/revisions\/81840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81839"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}