Despite blockchain company Ripple scoring a major win in the court standoff with the United States Securities and Exchange Commission (SEC), some questions have remained open, particularly concerning the intricacies of the ruling itself, as well as the top securities regulator’s viewpoint.
Indeed, attorneys Jeremy Hogan and Stuart Alderoty, both heavily involved with the case, have addressed the comments that argued the SEC did not think a token itself is a security, with Alderoty stating that such beliefs are false, while also sharing the SEC’s own words in the complaint against Ripple as proof of this belief, in a social media post on August 5.
On August 6, Hogan shared a part of the transcript from the 2021 hearing, in which “the SEC lawyer argues that XRP remains a security, but that there’s an exemption for individuals to sell,” which makes it clear that “the SEC absolutely believes that XRP itself is a security. And Judge Torres clearly repudiated that belief in her ruling.”
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Ripple vs. Terra?
At the same time, lawyer John E. Deaton, who has acted as amicus curiae during the legal battle, highlighted the distinctions between the case of Ripple and that of the disgraced Terra (LUNA) ecosystem, particularly the nature of the cases, the different case stages, different facts, crypto tokens, defendants, and the ultimate implications.
Earlier, Finbold reported on prominent Web3 attorney Charles Slamowitz and his views on the Ripple case, who believes that the long-term impact of the lawsuit on the crypto landscape might not be very positive, particularly in the context of continuous pursuit for clarity.
“In the wake of SEC v. Ripple both broadening and ensconcing Howey as the gold subjective securities crypto standard in the US jurisprudence toolkit, the Court bright-lined institutional investment contracts necessitating immediate adjustments. Also crucially, the Court further standardized aiding and abetting inquiries for individually named crypto execs,” he said.
Meanwhile, the XRP token, which is at the center of the lawsuit, was at press time changing hands at the price of $0.613256, indicating a decline of 3.21% on the day and losing 13.17% across the previous week but still hanging onto the monthly gain of 31.27%, as per the data on August 7.
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