Ripple’s General Counsel Celebrates Grayscale’s Victory Against SEC

Ripple’s legal victory challenges SEC, sets precedent in crypto. The battle for clarity continues in the digital asset landscape.

News boy spreading the word on the street for XRP, Brad Garlinghouse is happy.
Created by Kornelija Poderskytė from DailyCoin
  • Ripple’s recent legal response has ignited questions regarding the effectiveness of the SEC’s leadership.
  • Ripple’s strategic decision not to settle has set a precedent that could resonate across the entire industry.
  • Ongoing appeals have cast a shadow of uncertainty over the future of the regulatory landscape.

Ripple’s General Counsel, Stuart Alderoty, has promptly reacted to Grayscale’s recent triumph over the SEC. This court ruling compels the SEC to revisit Grayscale’s application for its Spot Bitcoin ETF. This development has once again brought Gary Gensler’s leadership at the regulatory helm into question.

Ripple’s Alderoty Applauds Grayscale’s Triumph Over SEC

Alderoty, though not directly quoted, evidently exhibits a resolute stance in his response. His statement underscores a newfound assertiveness among legal experts in the cryptocurrency domain. 

Gone are the days when legal experts were cautioned against stirring the proverbial bear, as it now appears that confronting these unelected bureaucrats head-on is the only effective strategy to counter their failed political agendas.

John Deaton, a prominent legal expert and representative of XRP holders embroiled in a class-action lawsuit against the SEC, underscores that Ripple Labs and its two indicted executives, Brad Garlinghouse and Chris Larsen, did not buckle under the presumed pressure from the regulatory body, opting not to settle.

Ripple Labs Doesn’t Succumb to SEC Pressure

Deaton and other industry leaders view the handling of Ripple and its executives in this lawsuit as a unique decision that could bode well for the entire industry in the long run.

The fruits of this decision are already apparent as the company secured a temporary victory against the SEC. Judge Analisa Torres ruled that the hotly debated XRP coin doesn’t qualify as a security when trading on secondary markets. 

Nevertheless, the regulator contests this win. Judge Torres has granted their request to file an interlocutory appeal, a move that’s been actively pursued. However, experts believe this proposed appeal doesn’t substantially threaten the existing verdict, but the process must run its course to validate the ruling.

On the Flipside

  • The SEC’s decision to appeal the ruling is based on their interpretation of the law. This indicates that differing legal viewpoints on the matter need resolution.
  • Legal proceedings are subject to change and can take unexpected turns. As such, the ultimate impact of Ripple’s legal battle with the SEC on the broader crypto industry remains uncertain.

Why This Matters

These developments signal a growing determination among legal experts and industry players, setting a precedent that could reshape the regulatory dynamics for cryptocurrency projects and their leaders, ultimately affecting the industry’s future trajectory.

To learn more about Tether’s recent struggles to maintain its peg throughout August, read here:

Tether Struggles to Maintain Peg Throughout Almost All of August

For insights into RippleX developers’ innovative strategy aimed at enhancing safety and trust, check out this article: 

RippleX Developers Unveil New Strategy for Enhanced Safety and Trust

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.