BCGAME - Free 5BTC Daily Bonus!The process involving the giant Ripple Labs and the U.S. Securities and Exchange Commission (SEC) finally officially over? The company’s chief legal officer, Stuart Alderoty, stressed in a recent statement that the case is closed for Ripple.
Ripple secured a significant victory against the SEC in August. The regulator had wanted Ripple to be fined $2 billion, but the company will only pay $125 million.
Commenting on the latest developments in the case, Alderoty confirmed the closure of the case for the company, highlighting that the “fair notice” defense is still an important point for other companies in the cryptocurrency industry.
However, the SEC still has until October 6 to file an appeal in the case. If this action is taken forward, the case could drag on until 2025. There is some speculation in the cryptocurrency community that Ripple may have already paid the fine, officially closing the case with the SEC.
In a recent tweet, Stuart Alderoty noted that while the Ripple case is over, the “fair notice” defense is still relevant for other companies. This defense was key in the Ripple case, where the company argued that the SEC had failed to provide clear guidance on whether XRP should be treated as a security.
In his statement, Alderoty also noted that the SEC continues to rely on its 2017 DAO report as evidence that the industry has been warned about “crypto asset securities.” But seven years later, the document is still causing more confusion than clarity for the industry and the courts.
“The Ripple case is over, but the ‘fair notice’ defense is still alive for others. The SEC cites the 2017 DAO report as an industry warning that ‘crypto asset securities’ are subject to U.S. securities laws,” Stuart Alderoty said.
Following the ruling that confirmed that XRP is officially not a security, many in the crypto community are wondering whether this will drive investors back into the token. Could an XRP rally be imminent soon with the case finally coming to an end? Investors are expecting significant growth in XRP that could even take the token to new heights.
XRP vs. SEC Update: Ripple Transfers 150 Million XRP
Ripple Labs is advancing in its complex legal battle with the U.S. Securities and Exchange Commission (SEC), with the prospect of victory on the horizon. The company has had cause for optimism recently, indicated by the possible dismissal of the SEC’s appeal following a favorable ruling by Judge Torres. Both CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty remain cautiously optimistic, although they do not rule out the possibility of a counter-appeal by the SEC.
Amid these legal circumstances, the SEC has revisited its approach to classifying crypto assets. In the recent Binance case, the agency modified its statements, evidencing a new view on how it categorizes digital assets. Despite dropping the term “crypto asset securities,” the SEC still classifies cryptocurrencies such as Solana (SOL) and Cardano (ADA) as securities in secondary markets.
