Ripple’s legal team, including the Chief Legal Officer, CEO, and other experts, have voiced their skepticism about the SEC’s uniformity and regulatory clarity in the cryptocurrency space. This follows Grayscale Investments’ success in their legal battle against the U.S. Securities and Exchange Commission (SEC).John Deaton, a prominent lawyer supporting XRP, mockingly commented on the SEC and Gary Gensler’s setback in the Grayscale case, quipping, “Gary Gensler, how’s your strategy of regulating through enforcement working out?” Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have also criticized the SEC’s approach to regulating the cryptocurrency sector. Alderoty commented: “The SEC is getting battered in the court. In our case, it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses, and now another distinguished court saying it’s “arbitrary and capricious” – that’s a really big deal.”Following Grayscale’s success, the stock price of Coinbase (COIN) experienced a surge of over 15%, ultimately closing with a notable increase of 14.91% at $84.70. This victory enhances Coinbase’s prospects for prevailing in its legal battle against the U.S. SEC, as the previous legal outcomes set a precedent that weakens the SEC’s arguments against cryptocurrencies.Ripple has directly confronted the SEC in an intense legal conflict spanning over two years. Despite the court delivering a summary judgment, the case might continue for an additional two years or even longer, given the SEC’s intention to challenge the aspects of the judgment that favored Ripple. The SEC intends to contest the ruling regarding Ripple’s automated XRP sales and other forms of distribution.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Gary Gensler, Scott Melker, Stuart Alderoty, Brad Garlinghouse, John Deaton |
| Companies | SEC, DC Circuit Court of Appeals, Coinbase, FINRA, Grayscale Investments |
| Currencies | Ethereum, XRP, Bitcoin |
| Securities | None |
