Ripple’s Chief Legal Officer, Stuart Alderoty, commended Judge Analisa Torres for her ruling that XRP is not a security, highlighting the importance of the decision in the Binance case. He emphasized that other U.S. courts are now recognizing Torres’ decision as consistent with established securities laws, particularly the Howey framework.
Alderoty shared an excerpt from the SEC v. Binance ruling, where the court acknowledged Torres’ decision as in line with the law. The ruling stated that the SEC’s approach seemed inconsistent with clear Supreme Court directives, echoing the sentiment of the Ripple Labs case.
Despite the SEC’s attempts to complicate securities laws with inconsistent legal theories, Alderoty noted that the courts are starting to see through the regulator’s tactics, as seen in the Binance lawsuit ruling.
In the recent SEC v. Binance decision, Judge Amy Berman Jackson dismissed charges related to Binance’s Simple Earn program and secondary market sales of BNB and BUSD. Interestingly, she referenced the Ripple decision while dismissing these charges, highlighting the significance of Torres’ earlier ruling on XRP.
Alderoty further emphasized the importance of the Binance ruling in addressing market confusion surrounding William Hinman’s 2018 speech on Ethereum. He criticized Hinman’s classification of Ethereum as a non-security, calling it a fairy tale and warning against the idea that tokens can transition between security and non-security status.
In conclusion, Alderoty highlighted the rejection of Hinman’s notion in the recent Binance decision, underscoring the need for clarity in the digital asset market. This article serves as information and should not be taken as financial advice, urging readers to conduct thorough research before making investment decisions.