Ripple’s Chief Legal Officer, Stuart Alderoty, praised Judge Analisa Torres for her recent decision regarding XRP’s status as a security. In a recent statement, Alderoty explained that other US courts are now aligning with Torres’ ruling due to its consistency with established securities laws, specifically the Howey framework.
Alderoty shared an excerpt from the recent SEC v. Binance ruling, where the court recognized Torres’ decision as being in accordance with the law. The ruling by Judge Amy Berman Jackson on June 28 acknowledged the similarity in approach to the Ripple Labs case and criticized the SEC for its unclear legal theories.
Despite the SEC’s efforts to complicate matters, the courts are beginning to see through the regulator’s inconsistencies, as seen in the recent Binance lawsuit ruling.
In a separate development, Judge Jackson issued a ruling in the SEC v. Binance case, allowing certain claims while dismissing others. Interestingly, she referenced the Ripple decision in her reasoning for dismissing charges related to Binance’s secondary market sales of certain digital assets.
This decision was seen as a victory for clarity in understanding the nuances of secondary market sales of digital assets. Alderoty emphasized the importance of the Binance ruling in dispelling confusion surrounding previous statements made by William Hinman regarding the classification of Ethereum.
Alderoty criticized Hinman’s approach, suggesting that Hinman’s ideas were akin to a fairy tale and could lead to market uncertainty. He highlighted the rejection of Hinman’s notion that a token can transition between security and non-security status in light of the recent Binance ruling.
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