Ripple V SEC: Expert Denies Rumor of SEC Considering Dismissing Ripple Appeal
FOX Business Journalist Eleanor Terrett rejects speculation that the U.S. SEC recently discussed the imminent dismissal of its appeal against Ripple. On February 24, the SEC Crypto Task Force met with legal experts to address issues relating to crypto regulation. Ripple Ruling Highlighted in SEC Meeting During the meeting, legal experts Jason Gottlieb, Andrew Hinkes, and J.W. Verret submitted a document analyzing certain crypto regulatory issues facing the SEC. The document highlighted the Ripple case to analyze how the commission had alleged that certain cryptos are securities without judicial confirmation that the tokens are securities themselves or used as part of investment contracts. Notably, it emphasized that courts have not universally accepted the SECs position on crypto-related secondary market transactions, as observed in the Ripple lawsuit. Indeed, when the SECs theory was tested in the Ripple case, Judge Torres found that such transactions do not constitute investment contracts because the purchasers could not ascertain whether their payment went to Ripple or other XRP sellers, an excerpt from the document read. FOX Business Journalist Refutes Speculation About Ripple Case Dismissal With the document highlighting the Ripple case, some XRP community members speculated that the SECs crypto task force met with lawyers to discuss the potential dismissal of the multi-year lawsuit. Responding, Terrett refuted this speculation with an emphatic no. This indicates that the rumor about the SEC considering dropping the Ripple case is false. The FOX Business journalist attached a facepalm emoji to her response, indicating her frustration with the rumor, which she finds baseless. https://twitter.com/EleanorTerrett/status/1895483675061649818Status of SEC v. Ripple Case There is no confirmation at this moment that the SEC is considering dropping its appeal against Ripple. Although the commission has paused or dismissed related lawsuits, its stance on the Ripple case remains unknown. Meanwhile, legal experts in the crypto industry believe the Ripple case is complicated due to Judge Torres existing ruling. She found Ripple guilty of violating federal securities laws by offering and selling XRP to institutional clients as investment contracts without registering with the SEC. This prompted the judge to impose an injunction on Ripples future institutional sales and a fine of $125 million for this violation. Therefore, the parties must work with Judge Torres should they decide to dismiss the appeal.
Text source: The Crypto Basic
