The Ripple case has not yet been closed as the Bag and the Securities Commission (SEC) decided to dismiss the appeal filed last January under President Gary Gensler.
Ripple CEO Brad Garlinghouse said “the case was over and over,” but said legal issues were not pending in the lawsuit, which has been in progress for more than four years.
in fact, Part of the lawsuit Still in progress, Now, what the SEC did is to dismiss the appeal presented to the court on April 16th. Gensler’s idea was to establish the opinion that the sale of XRP did not violate the securities law.
It remains to know that knowing what will happen to the appeal presented by the company in 2023 raises doubts other parts of the same ruling given by Judge Analisa Torres. Among them, XRP was determined to be partially a title value (safety) When sold through an investment agreement. Therefore, sales of token XRP by institutional investors They had to register with the SEC.
A $125 million fine was applied to Ripple on suspicion of violation of the law. This Torres’ judgment It’s still valid And if financial sanctions are maintained, the company will be registered as a crime.
But now, after the unattractive SC decision, the task following Ripple is to decide whether to reverse this sentence from Torres or pass the page.
And although Garlinghouse did not talk about the next pending legal action, the company appears willing to move the case forward. For this, Ripple Legal Director’s Stuart Aldeloty is the company that is There is an initiative now.
«We appreciate the best ways to continue contrapel. Either way, today is the day to celebrate this victory,” he said. Regarding the possibility of moving the case forward, he said, “We’re just taking that into consideration at this point.”
This confirms the words of Fox business journalist Eleanor Terrett and points out its ripple. You have the option to continue sue your fine Waives a court order or process.
“Sources close to the incident suggest that the ball is currently on the ripple court,” Terrett wrote. He now emphasized it – after the second action – technically Ripple is plaintiff and not defendant.
Does Ripple require that the statement be rejected?
Looking at the above, it is understood that Ripple has the possibility of dismissing the court’s decision. This will avoid paying fines It will support your opinion This makes you responsible for unauthorized institutional sales.
“Verification of violations of securities law is not that good for Ripple,” explained James Murphy, an expert cryptocurrency lawyer a few days ago. This takes this into consideration, taking into account the company’s interest in launching the initial public offering and the XRP ETF.
The order and reasoning behind the sentence is a time bomb of ripples. Even planned quotes on the stock exchange will be at risk. This is because investors will not bet on companies called “criminals” by court order.
James Murphy.
At this point, Murphy matches cryptocurrency analyst Jeremy Hogan. That’s the worst thing Ripple can get ($125 million and court order). Therefore, consider that the company has four possible actions.
- Ripple will continue its appeal and will receive a judgment from the Court of Appeal on whether an investment agreement requires a contract.
- Ripple accepts to withdraw its appeal, and jurisdiction returns to the trial court, with the parties attempting to amend the judgment.
- Ripple accepts to withdraw their appeal, and the parties reach an agreement between them without attempting to modify the statement.
- Ripple continues with just paying $125 million.
Terret adds that if the SEC is willing to establish new negotiations regarding the district court decision, it will not be seen yet.
This is an aspect of the case where both parties have always known that given the unprecedented situation in the regulatory panorama in the rapid evolution of digital assets, they would require a little more debate and nuance.
Eleanor Terret.
In an advantage, journalists emphasize the fact that after more than four years of fighting in court, the SEC no longer presents accusations against Ripple and has a more friendly attitude.
The facts are what causes the Ripple community celebration. As Cryptooticies reported, that’s what they’re looking forward to now XRP marks new historic maximums.
(tagstotranslate) Cryptocurrency
