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Ripple’s Lawyer says “finally done” to legal battle, But Is it Really Over?
The post Ripple’s Lawyer says “finally done” to legal battle, But Is it Really Over? appeared on BitcoinEthereumNews.com. Ripple Labs was slapped with a hefty $125 million penalty by Judge Analisa Torres as part of the ongoing legal battle with the U.S. Securities and Exchange Commission. While the fine represented a sizable sum, it fell well shy of the mammoth $2 billion figure initially sought by the SEC in their lawsuit against Ripple. In the wake of the court’s decision and more lenient-than-anticipated punishment, jubilation swept through the XRP community as the token rocketed over 20% higher upon news of the ruling. $XRP is currently trading at $0.60, a -84.2% from its all-time high. The SEC v. Ripple case, initiated in late 2020, has developed into a climactic legal showdown with far-reaching implications stretching throughout the cryptocurrency sector. Filed under former SEC Chair Jay Clayton, the agency alleged that Ripple’s sales of XRP amounted to an unregistered offering of securities. Ripple’s defense hinged on the claim that XRP should escape classification as a security, a stance echoed by many within the crypto zeitgeist. In a stunning turn of events last July, Judge Torres ruled that while Ripple’s direct XRP deals with institutional investors did contravene securities laws, the secondary market trading of XRP on exchanges did not. An Injunction: While the financial victory left Ripple little room to argue, Torres coupled the ruling with a legal mandate or injunction, compelling the firm’s future dealings to comply fully with securities regulations. Whether transactions of digital assets onto distributed ledgers represent securities transactions remains a matter pending clearer legal consensus, as other presiding judges have sharply diverged in views from Torres on this complex issue. The SEC might once more dispute the decision through appeal. Stuart Alderoty, Head Of Legal at Ripple, has been pretty adamant that this marks a significant step towards wrapping everything up for the company, and…
The post Ripple’s Lawyer says “finally done” to legal battle, But Is it Really Over? appeared on BitcoinEthereumNews.com.
Ripple Labs was slapped with a hefty $125 million penalty by Judge Analisa Torres as part of the ongoing legal battle with the U.S. Securities and Exchange Commission. While the fine represented a sizable sum, it fell well shy of the mammoth $2 billion figure initially sought by the SEC in their lawsuit against Ripple. In the wake of the court’s decision and more lenient-than-anticipated punishment, jubilation swept through the XRP community as the token rocketed over 20% higher upon news of the ruling. $XRP is currently trading at $0.60, a -84.2% from its all-time high. The SEC v. Ripple case, initiated in late 2020, has developed into a climactic legal showdown with far-reaching implications stretching throughout the cryptocurrency sector. Filed under former SEC Chair Jay Clayton, the agency alleged that Ripple’s sales of XRP amounted to an unregistered offering of securities. Ripple’s defense hinged on the claim that XRP should escape classification as a security, a stance echoed by many within the crypto zeitgeist. In a stunning turn of events last July, Judge Torres ruled that while Ripple’s direct XRP deals with institutional investors did contravene securities laws, the secondary market trading of XRP on exchanges did not. An Injunction: While the financial victory left Ripple little room to argue, Torres coupled the ruling with a legal mandate or injunction, compelling the firm’s future dealings to comply fully with securities regulations. Whether transactions of digital assets onto distributed ledgers represent securities transactions remains a matter pending clearer legal consensus, as other presiding judges have sharply diverged in views from Torres on this complex issue. The SEC might once more dispute the decision through appeal. Stuart Alderoty, Head Of Legal at Ripple, has been pretty adamant that this marks a significant step towards wrapping everything up for the company, and…
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