Judge Analisa Torres in New York ruled Thursday that Ripple Labs did not violate U.S. securities laws in $1.4 billion in sales of its XRP token.
"What Ripple did is mark the end of a stage in crypto [of] this idea that the SEC could by itself resolve the hard questions of crypto," said Justin Slaughter, a former SEC and CFTC official. | Getty ImagesA crypto company’s surprise win in federal court over the Securities and Exchange Commission is giving the industry new hope that it can curb SEC Chair Gary Gensler’s power over the $1 trillion market.Ripple Labs did not violate U.S.
Over the past year, the SEC has waged a sweeping crackdown on crypto that has ensnared the world’s biggest digital asset companies in Binance, Coinbase and Kraken, alleged fraud and mismanagement at some firms, and stoked fears among Democrats in Congress that consumer protections are lacking.
In the immediate aftermath of the ruling, an SEC spokesperson said the agency is reviewing the decision and that it was “pleased” with parts of the case. That includes Torres’s decision to uphold that the current test for determining whether an asset is an investment contract and therefore under the SEC’s oversight still applies to crypto. Gensler and the SEC have long argued that investors need the full protection of securities laws or they will be operating at a significant disadvantage.
Some securities lawyers were quick to blast Torres’s 34-page opinion. Tyler Gellasch, a former SEC official, warned Thursday that the ruling could inadvertently reverberate throughout other corners of finance, such as over-the-counter stocks.
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