{"id":542840,"date":"2023-07-15T22:00:41","date_gmt":"2023-07-15T22:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542840"},"modified":"2024-06-11T07:57:24","modified_gmt":"2024-06-11T07:57:24","slug":"ripple-victory-against-the-sec-may-be-short-lived","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/ripple-victory-against-the-sec-may-be-short-lived\/","title":{"rendered":"Why Ripple’s Victory Against The SEC May Be Short-Lived: Legal Expert"},"content":{"rendered":"

The news of Ripple’s recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, <\/span>according <\/span><\/a>to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer.<\/span><\/p>\n

The SEC’s Lawsuit Against Ripple Labs<\/h2>\n

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP. According to the SEC, XRP is a security under federal securities laws. But the court determined on June 13 that the random “programmatic sale” of XRP to regular investors does not constitute the sale of an unregistered security under Howey.\u00a0<\/span><\/p>\n

Related Reading: Large Exchanges Relist XRP Following Ripple Victory Over SEC<\/a><\/div>\n

However, sales to institutional investors fall under Howey, which is used in the United States to determine whether a transaction qualifies as an investment contract. In this case, the Court found that the buyers couldn’t know who was selling them the XRP, unlike the institutional investors who would expect Ripple Labs to use the capital for the betterment of the Ripple ecosystem.<\/span><\/p>\n

According to Jacoutot, the Court’s reasoning is weak and Howey was misapplied in the case. The Court reasoned that regular investors bought XRP fully knowing that it is subject to the general cryptocurrency market trends, especially secondary sales of XRP tokens. However, Jacoutot believes those buying XRP would have also expected to make a profit from the efforts of Ripple Labs.<\/span><\/p>\n

\"Ripple<\/p>\n

XRP price at $0.7254 | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
The attorney also made a <\/span>case <\/span><\/a>of the Ethereum Foundation, as everyone who took part in the pre-sale of ETH knew they were buying from Ethereum Foundation. When looking at the XRP ruling in a similar manner, this would mean institutional investors of the ETH presale also bought unregistered securities.<\/span><\/p>\n
What Does The Ruling Mean?<\/h2>\n
According to Jacoutot, the ruling opens up a few loopholes that can be exploited. In a <\/span>tweet <\/span><\/a>by attorney Joe Carlasare on Twitter, it explains that the logic of the ruling leaves an opening that can be used to lawfully launch a pyramid scheme. In this case, profits from the “programmatic sales” to retail investors can be distributed to institutional investors.<\/span><\/p>\n
Ripple CEO Brad Garlinghouse has <\/span>said <\/span><\/a>the ruling provided relief and that the company could now promote the various use cases for Ripple and its technology without worrying about legal repercussions.<\/span><\/p>\n
Related Reading: XRP Kicks Out BNB To Become 4th-Largest Crypto After 65% Rally<\/a><\/div>\n
This is definitely a win for Ripple, but an appeal by the SEC could drag out the legal battle for years and create another round of major uncertainty in the crypto market.\u00a0<\/span><\/p>\n
The price of XRP skyrocketed after the ruling. It is now up by 50% this month and is currently trading at $0.7154.<\/span><\/p>\n
Featured image from Bit2Me Academy, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The news of Ripple’s recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, according to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer. The SEC’s Lawsuit Against Ripple Labs The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP. According to the SEC, XRP is a security under federal securities laws. But the court determined on June 13 that the random “programmatic sale” of XRP to regular investors does not constitute the sale of an unregistered security under Howey.\u00a0 Related Reading: Large Exchanges Relist XRP Following Ripple Victory Over SEC However, sales to institutional investors fall under Howey, which is used in the United States to determine whether a transaction qualifies as an investment contract. In this case, the Court found that the buyers couldn’t know who was selling them the XRP, unlike the institutional investors who would expect Ripple Labs to use the capital for the betterment of the Ripple ecosystem. According to Jacoutot, the Court’s reasoning is weak and Howey was misapplied in the case. The Court reasoned that regular investors bought XRP fully knowing that it is subject to the general cryptocurrency market trends, especially secondary sales of XRP tokens. However, Jacoutot believes those buying XRP would have also expected to make a profit from the efforts of Ripple Labs. XRP price at $0.7254 | Source: XRPUSD on Tradingview.com The attorney also made a case of the Ethereum Foundation, as everyone who took part in the pre-sale of ETH knew they were buying from Ethereum Foundation. When looking at the XRP ruling in a similar manner, this would mean institutional investors of the ETH presale also bought unregistered securities. What Does The Ruling Mean? According to Jacoutot, the ruling opens up a few loopholes that can be exploited. In a tweet by attorney Joe Carlasare on Twitter, it explains that the logic of the ruling leaves an opening that can be used to lawfully launch a pyramid scheme. In this case, profits from the “programmatic sales” to retail investors can be distributed to institutional investors. Ripple CEO Brad Garlinghouse has said the ruling provided relief and that the company could now promote the various use cases for Ripple and its technology without worrying about legal repercussions. Related Reading: XRP Kicks Out BNB To Become 4th-Largest Crypto After 65% Rally This is definitely a win for Ripple, but an appeal by the SEC could drag out the legal battle for years and create another round of major uncertainty in the crypto market.\u00a0 The price of XRP skyrocketed after the ruling. It is now up by 50% this month and is currently trading at $0.7154. Featured image from Bit2Me Academy, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":542843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,3799,4531,10972,78763],"class_list":["post-542840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-sec","tag-xrp","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nWhy Ripple's Victory Against The SEC May Be Short-Lived: Legal Expert<\/title>\n<meta name=\"description\" content=\"Ripple's recent victory against the SEC after a legal battle sent a ripple of joy around the entire crypto industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Ripple’s Victory Against The SEC May Be Short-Lived: Legal Expert","url":"http:\/\/uniquehot.com\/news\/ripple\/ripple-victory-against-the-sec-may-be-short-lived\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ripple\/ripple-victory-against-the-sec-may-be-short-lived\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Ripple-XRP.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Ripple-XRP.jpeg?fit=943%2C512"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","sec","xrp","xrpusd","xrpusdt"],"dateCreated":"2023-07-15T22:00:41Z","datePublished":"2023-07-15T22:00:41Z","dateModified":"2024-06-11T07:57:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Ripple’s Victory Against The SEC May Be Short-Lived: Legal Expert\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/ripple-victory-against-the-sec-may-be-short-lived\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/ripple-victory-against-the-sec-may-be-short-lived\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ripple-XRP.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Ripple-XRP.jpeg?fit=943%2C512\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"sec\",\"xrp\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2023-07-15T22:00:41Z\",\"datePublished\":\"2023-07-15T22:00:41Z\",\"dateModified\":\"2024-06-11T07:57:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Ripple-XRP.jpeg?fit=943%2C512","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542840"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542840"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/542843"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}