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As the case of Ripple and the US Securities and Exchange (SEC) becomes a topic of discussion among the crypto community, experts have shared their thoughts about the court ruling. On Sunday, Ripple chief legal officer Stuart Alderoty projects two possible outcomes of the court ruling.
He argued by no chance would overturn XRP’s win even after the SEC filed an appeal after being dissatisfied with Judge Analisa Torres’ ruling the
Will the Court Overturn Judge Torres’ Ruling?
In the appeal, the SEC claimed that Ripple and its two executives were involved in gross violation of the Securities Act of 1933. The regulators claimed that Ripple issued unregistered XRP worth millions, which was punishable by law. After demanding XRP to settle hefty penalties, the payment company filed charges against SEC. The case submitted to the district court elicited a mixed reaction from the crypto community after Judge Torres ruled out that XRP was not a security.
The crypto community wildly celebrated the ruling, pressurizing the SEC to develop a comprehensive framework for digital assets. Even though the celebration was short-lived, the SEC vowed to challenge Judge Torres’s ruling in the 2nd Circuit.
Ripple CLO Projects 2 Outcome on SEC Appeal
As the regulators fight to reverse XRP’s win over the SEC, Alderoty projects that the market regulators might lose in this case. Alderoty envisages that the Second Circuit Court of Appeals pronounces XRP, not security. He explained that XRP defence and other relevant material would be presented in the 2nd Circuit. The defence report comprises a Fair Notice Document that clearly outlines what the law restricts and what should be done.
This document questions whether XRP was brief on what is prohibited or authorized. Alderoty anticipates the court will support Judge Torres’s ruling, leaving the SEC devastated. He acknowledged that Judge Torres was not an ordinary person and that her ruling was sound. The executive describes the SEC and XRP case as the classic stories of Moby Dick meets My Cousin Vinny.
He stated that SEC chair Gary Gensler has similar traits as Moby Dick’s main actor Captain Ahab. The comedy narrates how Captain Ahab hunts to catch a white whale.
How Will Ripple and SEC Case Impact the Crypto Sector
The comedy illustrates how the whale badly injured Captain Ahab when he attempted to hunt it. Despite the serious injuries, the Captain did not give up on his pursuit. He was later attacked by the whale, but this time, the Captain was not lucky and didn’t survive. He left the boat sailing on its own. The executive stated Gensler mirrors Captain Ahab’s character, whose relentless desire to catch the whale impacted his death.
Just like the adventurous comedy Alderoty projects that the SEC and XRP case will have far-reaching implications for the crypto sector.
He projects that the Ripple case will shape the future of the crypto industry. For more updates on how Ripple and the SEC case will unfold, follow TurkishNY Radio on Tumblr, Telegram, and LinkedIn.
