2024

when

April

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ripple Chief Legal Officer <a href="https://u.today/ripples-defense-in-sec-lawsuit-might-be-cryptos-best-chance-stuart-alderoty" rel="noopener noreferrer nofollow">Stuart Alderoty</a> has highlighted a key observation made by Judge Analisa Torres in the Ripple lawsuit.
<a href="https://twitter.com/s_alderoty/status/1774896123230183623" rel="noopener noreferrer nofollow">Alderoty</a>'s spotlight on Judge Torres' critique underscores a significant point of contention: the SEC's application of the Howey test to cryptocurrency assets.
<blockquote>
 Once Judge Torres in the Ripple case (Ivy League educated, with Bronx street sense) looked at the full evidentiary record, she understood the SEC had strayed far from “Howey” where a promoter made promises directly to investors about a clearly defined enterprise. <a href="https://t.co/D9Bsyt9Uv8" rel="noopener noreferrer nofollow">pic.twitter.com/D9Bsyt9Uv8</a>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1774896123230183623?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 1, 2024</a>
</blockquote>
Judge Torres, in one of her rulings in the Ripple case, noted that the SEC had strayed far from the original intent of the Howey test. According to Alderoty, Judge Torres recognized that the SEC's broad application of the test to crypto assets did not align with cases where promoters made direct promises to investors about a clearly defined enterprise.
The <a href="https://u.today/ripples-clo-hails-singapores-clear-taxonomy-on-crypto-regulation" rel="noopener noreferrer nofollow">Ripple CLO</a> made this crucial observation while reflecting on the recent Coinbase ruling.
U.S. District Judge Katherine Polk Failla ruled in the past week that the U.S. Securities and Exchange Commission's lawsuit against Coinbase can move forward, while partly granting the crypto exchange victory.
Alderoty refers to a portion of the ruling, which he inferred had four different confusing definitions of what constitutes a crypto "ecosystem." He explains further: According to the SEC, whenever a token is acquired, it represents an investment in an amorphous "ecosystem," regardless of why, how or where it was acquired.
This fact brought up Judge Torres' observation in the Ripple-SEC lawsuit, which, according to Alderoty, "looked at the full evidentiary record and understood the SEC had strayed far from Howey, where a promoter made promises directly to investors about a clearly defined enterprise."
On March 26, the SEC filed its motion for remedies and the entry of a final judgment, a memo in support of that motion, and a "proposed" judgment in the Ripple case. Moving forward, the main dates to watch in the Ripple-SEC dispute are April 22, when Ripple will respond to the SEC on the $2 billion it seeks in penalties, and May 6, 2024.

Ripple vs. SEC: Top Lawyer Spotlights Judge's Critique of Agency's Direction

U_Today

2024年4月2日公開の他の記事

Why Solana Price May Fall 25% Amid Market Correction

Memecoin Bloodbath Continues! Dogecoin To Retest It’s Low Of $0.15?

MAS Strengthens Crypto Market Supervision Under Payment Services Act

Top Crypto Presale of 2024: BlockDAG Amasses $11.6M, Sells 6B Coins Amid Tron Downward Trend & Ca...

Cardano: What a good or bad April depends on after ADA’s 5% crash

MEW Token Airdrop: Boosting Solana Mobile

ニュースレターを購読して暗号資産の最新情報を毎日入手！