A former federal prosecutor turned chief government of a crypto-focused enterprise capital fund says she could be “shocked” if america securities regulator lodges an instantaneous appeal towards the Ripple case ruling, as it at present advantages from lack of “authorized readability.”
On July 13, Decide Torres granted a partial abstract judgment in favor of Ripple Labs concerning XRP’s standing as a safety. On the time, a couple of commentators warned that an appeal from the SEC could be a chance.
Nonetheless, in a July 15 Twitter thread, Haun Ventures CEO Katie Haun explained that the securities regulator will seemingly keep quiet as it advantages from the “present confusion” and that shedding an appeal might jeopardize its future enforcement actions.
Some non-legal recommendation musings on the Ripple resolution, together with two essential takeaways:
1/ The Court docket drew an affordable line and total it’s a superb final result for the business. For different fits w/ the SEC, we consider the Supreme Court docket’s “main questions doctrine” will play a bigger…
— Kathryn Haun (@katie_haun) July 15, 2023
“Something is feasible, however an instantaneous appeal appears unlikely each as a result of the company must ask the courtroom to separate this resolution from the portion going to trial and since I’m skeptical the SEC truly desires authorized readability,” stated Haun.
“The Fee advantages from the present confusion and shedding these points on appeal would jeopardize its complete enforcement agenda. So I’d be shocked if the SEC tried to appeal now.”
Haun is however the newest commentator to share the view.
On July 15, Ripple Labs CEO Brad Garlinghouse additionally believes it could “take years” earlier than the SEC lodges an appeal. He added that an appeal by the SEC would solely reinforce Decide Torres’ resolution that XRP is just not a safety.
In a video posted on YouTube on the identical day, U.S. lawyer and Ripple commentator Jeremy Hogan stated he believes the SEC will launch an appeal after the trial between SEC and Ripple ends, which is scheduled for early 2024.
The SEC is at present suing crypto exchanges Binance and Coinbase over alleged violations of securities laws. Some consider the current Ripple case ruling, whereas not a binding precedent, might have an effect on the result of the instances.
Associated: Ripple decision is ‘troublesome on multiple fronts’, says former SEC official
In the meantime, many crypto commentators and lawmakers have known as for Congress to take motion and provides authorized readability to crypto in gentle of the current ruling.
Brian Quintenz, former commissioner of the Commodity Futures Buying and selling Fee — now head of coverage for enterprise capital fund a16z crypto — stated that the current Ripple courtroom ruling “solely ends in extra uncertainty for entrepreneurs and builders.”
U.S. Senator Cynthia Lummis stated the ruling underscores the urgent need for Congress to determine a transparent and complete regulatory framework for the cryptocurrency business.
Journal: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
