Regulation
Ripple Partners With Binance To Fight SEC!
Wed 03 Jul 2024 ▪ 3 min read ▪ by Eddy S.
In a recent turn of events, Ripple has used a favorable court decision for Binance to bolster its defense in its lawsuit against the cryptocurrency regulator. On June 28, the U.S. District Court for the District of Columbia partially dismissed the SEC’s claims that sales of certain cryptocurrencies were similar to sales of securities. An opportunity Ripple has been quick to seize.
Cryptocurrencies: Ripple Relies on Binance to Challenge the SEC!
Ripple noted that the court adopted the logic of Judge Analisa Torres’ decision in the case against the cryptocurrency regulator, dating back to July 13, 2023. Judge Amy Berman Jackson referred to this decision in the Binance case, distinguishing sales on secondary market from institutional sales.
This decision follows comments from U.S. District Judge Jed Rakoff. He found that the method of sale was not relevant to determining the legal status of cryptocurrencies. The court also criticized the SEC’s approach to regulating the cryptocurrency industry through litigation, failing to provide sufficient clarity to interested parties.
Is the SEC a little too harsh on Ripple?
Ripple interpreted these remarks as support for its argument that it is essential to clarify the legal status of cryptocurrencies. The company also notified that this regulatory uncertainty shows that he did not act with “reckless disregard” for the law during his XRP sales. Thus calling into question the severity of the penalties sought by the SEC.
This case highlights the complexity and importance of regulation in the cryptocurrency space. As Ripple and other industry players struggle to navigate an ever-changing regulatory environment, court decisions like this could shape the future of digital asset regulation. Investors and market participants should remain vigilant about these developmentsThey could have repercussions not only on ongoing legal cases, but also on the perception and adoption of cryptocurrencies on a global scale.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavy universe. Community manager of basic cryptocurrencies, I am interested in everything that concerns blockchain and its derivatives, whether close or far away. With a view to sharing my experience and making known a sector that I am passionate about, nothing better than writing informative and non-contractual articles at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.