Ripple Labs could have potentially avoided the SEC lawsuit if it had chosen the right law firm, according to attorney John Deaton.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
Prominent lawyer and founder of CryptolawUS, John Deaton, criticizes the SEC for charging Ripple CEO Brad Garlinghouse and argues that if former SEC leaders had testified earlier, the entire situation could have been avoided.
Attorney John Deaton addressed the importance of accountability within regulatory bodies, emphasizing the need to hold both current and previous figures responsible, such as Gary Gensler and Jay Clayton, to maintain fairness and consistency in regulatory actions, particularly in relation to the "Safe Harbor" proposal for cryptocurrencies. Deaton also discussed the complexities of the Ripple legal case and the potential influence it may have on the SEC's approach to other cryptocurrencies, highlighting the urgency of regulatory clarity in order to prevent financial harm in the industry.
Uphold CEO Simon McLoughlin discusses the impact of the SEC vs. Ripple case, upcoming product launches including Uphold Vault, and plans for institutional and enterprise adoption.
Ripple argues that the SEC does not have sufficient grounds for an appeals court to intervene in their legal dispute, as there are no significant legal questions at hand and an appeal would not expedite the resolution of the case.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.
Despite recent losses in court, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate cryptocurrencies as securities, stating that most crypto assets meet the Howey Test and should comply with securities laws. The SEC's defeats in cases against Ripple and Grayscale have not deterred Gensler's stance, and he plans to convey this to lawmakers during a Senate Banking Committee hearing.
Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), is facing criticism for his alleged corrupt practices and his crackdown on cryptocurrencies, with some accusing him of selectively targeting companies and undermining justice and market integrity.
Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, accusing him of pursuing power and politics instead of sound policy, while XRP price remains strong despite being delisted from NYDFS' approved tokens list.
SEC Chair Gary Gensler is facing increasing backlash from the financial services industry as they adopt a more confrontational stance, with some industry members suing him over his rulemaking proposals.
SEC Chair Gary Gensler criticized the practices of crypto companies and their handling of customer assets in his congressional testimony, while remaining silent on the SEC's plans for spot bitcoin ETFs after a recent legal setback. Gensler also noted that the agency has not yet decided how to proceed with a judge's ruling regarding bitcoin ETF applications. Additionally, Gensler mentioned that the SEC is preparing for a potential government shutdown, which would significantly slow down reviews and approvals of filings.
SEC Chair Gary Gensler faces criticism from lawmakers, including accusations of kneecapping capital markets and calls for his firing, during a congressional hearing on market oversight, while also dodging questions about Bitcoin and Pokemon cards.
The recent court order denying the SEC's interlocutory appeal against Ripple has divided crypto lawyers and commentators, with some considering it a win for Ripple, while others caution against excessive enthusiasm and point out that the SEC can still appeal the case after the trial.
A U.S. federal judge rejects the SEC's bid to appeal against Ripple, causing XRP's price to rally, while FTX founder Sam Bankman-Fried's trial continues with a dispute over the evidence, and a new data platform developed by the Bank for International Settlements could support future regulation of the crypto market.
