The Friday Synopsis
XRP had a rise of 0.56% on Friday. After losing 1.90% on Thursday, XRP closed the day at $0.5254, somewhat recovering.
Ripple CLO and an ex-SEC official disagree over the significance of the XRP ruling.
Interest in the response to the court’s decision regarding the SEC’s interlocutory appeal motion remained high on Friday.
John Reed Stark, the former SEC Chief of the Office of Internet Enforcement, was prompted to comment on the court decision. He stated,
“Judge Torres’s ruling prohibiting the SEC from pursuing an interlocutory appeal has further mandated that her prior summary judgement ruling be disregarded as precedent (unless the facts of the new case are identical).”
In response to Stark’s remarks, Stuart Alderoty, Chief Legal Officer of Ripple, said,
“Agree to differ about the legal implications of Judge Torres’ decisions, but it also appears that XRP is the only digital asset (apart from Bitcoin) that has been declared by the courts to be a non-security. We are in agreement there.
In response to Alderoty’s remarks, Stark reiterated Judge Torres’s view in light of prior precedence, adding,
Ripple’s Momentum Grows as Court Ruling on Coinbase,Ripple’s Momentum Grows as Court Ruling on Coinbase
“[..] When I read the order, I thought it was strange that a judge would take the time to warn against using a ruling as precedent. To be honest, I don’t remember ever reading an opinion in a securities case that was so harsh.
Stark continued by saying,
However, Judge Torres’ admission that her ruling had significant precedent-setting significance would support the SEC’s request for an interlocutory appeal. Naturally, I also think that the summary judgement ruling made by Judge Torres will be reversed.
Lastly, Stark said,
In my opinion, there doesn’t appear to be much leeway in the ruling made this week regarding precedential importance.
Amicus Curiae counsel for 75,000 XRP investors, John E. Deaton, has already highlighted a particular aspect of Torres’s view, stating,
“She clarified that no digital asset could ever be a security sold on an exchange,” she had never asserted. Given the remarks made by John Reed Stark and John E. Deaton, the SEC needs to prevail in its lawsuit against Coinbase (COIN).
The Coinbase Motion to Dismiss Will Have a Big Decision
The decision of the SEC v. Coinbase lawsuit is expected to have significantly more important legal and regulatory repercussions in the US.
In regards to Coinbase’s move to dismiss (MTD), the SEC, Coinbase, and the cryptocurrency community are awaiting a court decision. Deaton thinks the SEC could have to resolve the Ripple lawsuit if Judge Katherine Failla approves the Coinbase MTD.
Ripple’s Momentum Grows as Court Ruling on Coinbase,Ripple’s Momentum Grows as Court Ruling on Coinbase,Ripple’s Momentum Grows as Court Ruling on Coinbase