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Ripple Labs is on the brink of a pivotal moment in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Recent developments suggest that the SEC may not appeal Judge Torres’ recent favorable summary judgment for Ripple. Ripple executives, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, are optimistic about the case’s resolution. However, they acknowledge the possibility of a cross-appeal if the SEC challenges specific aspects. SEC Reassesses Crypto Asset Classification In a significant regulatory shift, the SEC has proposed amendments to its complaint in the Binance case, signaling a broader change in how cryptocurrency assets are classified. The agency has decided to retract its previous use of the term “crypto asset securities” but continues to consider certain tokens, such as Solana (SOL) and Cardano (ADA), as securities in secondary markets. The agency’s updated position reflects a response to a U.S. district court ruling in a related case against Kraken, which challenged the SEC’s broad definitions of crypto assets as securities.  Experts Lashes SEC’s Stance In response to the SEC’s recent move to amend its complaint against Binance, Fred Rispoli, in his X post, labeled the agency’s investor alert as a “scam.” Rispoli criticized the SEC for using the term “crypto asset securities” in its filings, despite previously swearing to a federal judge that such a term does not exist. This argument opens many layers of the SEC’s manipulative stance on crypto assets.  Implications of Potential SEC Appeal Should the SEC choose to appeal and subsequently lose, it could set a binding legal precedent that might undermine the agency’s stance in future cryptocurrency cases. This potential outcome could deter the SEC from pursuing further appeals unless new evidence or clearer regulatory guidelines are introduced. Ripple’s legal team is confident that a defeat for the…

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Filed under: News - @ September 14, 2024 6:19 am