Ripple Case: No End in Sight
Former Securities and Exchange Commission (SEC) Chair Jay Clayton recently commented on the ongoing battle between the SEC and Ripple. His remarks suggest that the case may not be coming to an end anytime soon.
SEC May Appeal Court’s Ruling
In an interview, Clayton hinted that the SEC could appeal Judge Analisa Torres’ ruling. He questioned whether the appellate court would reach a similar conclusion as the court did when it ruled that programmatic sales didn’t qualify as securities.
Ripple Community Reacts
The XRP community is taking Clayton’s remarks seriously, considering his potential influence on the SEC’s actions. Clayton’s administration initiated the SEC’s case against Ripple, so he may still have an interest in the outcome.
Institutional Sales Ruling
Clayton also discussed the possibility of Ripple appealing Judge Torres’ ruling that the company’s institutional sales were securities transactions. He expressed confidence in the court’s decision, stating that such sales fall under securities transactions for capital raising.
Clayton emphasized that the SEC has the authority to regulate the raising of capital from the general public, and this has not changed.
Pro-XRP Expert’s Opinion
Pro-XRP legal expert Bill Morgan believes that the SEC is likely to lose if it appeals Judge Torres’ ruling on programmatic sales. He explained that the Judge’s reasoning and application of legal principles were based on the facts of each category of sales, which the SEC admitted were different.
Ripple’s Appeal Option
Morgan suggests that Ripple’s only viable ground for appeal relates to the ODL contracts, as Judge Torres did not separate them from institutional sales. Ripple may need to appeal this decision to clarify whether or not ODL transactions are securities.