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Ripple CLO Alderoty

Ripple CLO Alderoty: Federal Judge’s Ruling Has No Impact On XRP

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bad news for Ripple and XRP? The U.S crypto regulation landscape, already mired in uncertainty, has been thrown into further turmoil yesterday following diverging judicial opinions about the classification of cryptocurrencies as securities. However, Ripple Labs’ Chief Legal Officer (CLO) Stuart Alderoty has held firm, insisting that a recent controversial ruling against Terraform Labs has no bearing on the Ripple case.

Ripple CLO Brushes Off Chatter

This fresh judicial storm began when U.S. District Judge Jed Rakoff recently approved the SEC’s case against Terraform Labs, challenging the precedent set by Judge Analisa Torres in the Ripple case. Judge Rakoff rejected the distinction drawn in the ruling between public and institutional sales, leading many in the crypto space to speculate about the potential implications.

In the aftermath, the former SEC enforcement attorney claimed that Judge Rakoff’s decision is perhaps the first, but certainly not the last rejection of the Ripple decision, as Bitcoinist reported. Brushing off the chatter, Stuart Alderoty issued a clarifying statement, asserting:

Let me be clear about some confusion going around – the ruling in the Terra case changes NOTHING about the Ripple ruling that XRP is not a security. […] Our ruling came after a full factual record (developed over 2+ years) was presented to the Court.

Alderoty also indicated that the Terra case was still in its early stages, adding that the presiding judge had to accept all SEC allegations as true for the time being. He hinted at what he perceives as a misinterpretation of Judge Torres’ reasoning by Judge Rakoff.

Related Reading: U.S. Judge Rejects Terraform’s Request To Dismiss SEC Case – Ripple Ruling In Trouble?

In addition to his reassurances about the Ripple ruling’s stability, Alderoty addressed the nascent Terra case, reminding the public that “the Terra case is just starting and that Judge has to accept everything that the SEC alleges as true (for now).”

He left further deep analysis to others but hinted at what he considers a misreading of the Ripple Judge’s reasoning by Judge Rakoff, particularly, “missing the point that secondary market traders can’t ‘invest money’ in anyone or anything if they don’t know who they are buying from.”

Ripple’s senior staff software engineer, Neil Hartner, supported Alderoty’s stance, stating, “If the SEC can prove their claim that Terra promoted promises that typical purchasers, no matter the venue, were well aware of, then that could satisfy Howey. The judge hasn’t ruled they proved that, just that the case has merit if it can be proven.”

Related Reading: Is An Appeal Coming In The Ripple Case? Here Is Gensler’s Response

The Ripple case had been lauded as a watershed moment in crypto regulation, as Judge Torres ruled that the XRP token was not a security when sold to the general public on secondary markets, but it was when sold directly to institutional investors. This decision was based on the Howey Test. Torres found that institutional sales of XRP fell under this test, while public sales did not.

The recent Ripple ruling brought a wave of optimism in the crypto market, but the Terra case reopens the debate on crypto regulation and the application of the Howey test. However, as CLO and senior Software Engineer remind us, the Terra case is still in the early stages with no solid evidence tabled as of yet.

At press time, the XRP price was at $0.69. Thus, XRP continues to consolidate after the rally of the SEC decision. Holding the 23.6% Fibonacci retracement level at $0.685 is crucial for a renewed push towards $1. Otherwise, a decline to $0.64 seems likely.

Ripple XRP price
XRP price hovers above support, 1-week chart | Source: XRPUSD on TradingView.com
Featured image from CryptoGlobe, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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