Editor's PiCK
Ripple CLO "SEC's Withdrawal of Lawsuit is an Acknowledgment of Lack of Clear Regulation"
Summary
- The SEC's withdrawal of the lawsuit against Ripple acknowledges the lack of clear regulation in the virtual asset industry, which also applies to other virtual asset companies.
- Ripple CLO Stuart Alderoty emphasized the need to focus on business operations and collaborate with authorities to establish clear virtual asset regulations.
- It was reported that the legal dispute between Ripple and the SEC was finally concluded with the SEC's withdrawal of the appeal in March 2023.
As the Securities and Exchange Commission (SEC) abruptly withdrew its lawsuit against Ripple, Ripple's Chief Legal Officer (CLO) expressed his thoughts on the matter.
On the 2nd (local time), in an official X (formerly Twitter) post by Ripple, Stuart Alderoty, Ripple CLO, stated, "The SEC has not only recently withdrawn its lawsuit against Ripple but is also withdrawing actions against other virtual asset (cryptocurrency) companies," adding, "This acknowledges that the actions the SEC has taken so far were not based on clear guidelines and regulations."
He further added, "Now is the time to clear up the confusion, focus on business operations, and work with authorities to establish wise and clear regulations related to virtual assets."
The SEC filed a lawsuit in December 2020 against Ripple Labs and Brad Garlinghouse, Ripple's Chief Executive Officer (CEO), for unregistered securities sales. However, in July 2023, Judge Analisa Torres of the Southern District of New York ruled that "XRP tokens sold in distribution and retail sales do not constitute an investment contract" and "did not violate federal securities laws."
After this ruling, the SEC appealed once again, but in March, it abruptly withdrew the appeal, bringing the legal dispute between Ripple and the SEC to a final close.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
