{"id":15424,"date":"2024-10-21T19:44:14","date_gmt":"2024-10-21T19:44:14","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15424"},"modified":"2024-10-21T19:44:14","modified_gmt":"2024-10-21T19:44:14","slug":"the-ripple-v-sec-case-resembles-moby-dick-the-companys-clo-explains-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15424","title":{"rendered":"The Ripple v. SEC Case Resembles Moby Dick: The Company\u2019s CLO Explains Why"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

The SEC continued the legal battle with Ripple by filing an official appeal on a specific summary judgment.<\/span>
\nThe company\u2019s CLO likened the regulator\u2019s desire to prevail in the case to the tragic end of Captain Ahab from the novel Moby Dick.<\/p>\n

<\/a><\/h2>\n

What Does the SEC Hope for?<\/span><\/h2>\n

The<\/span> legal tussle between Ripple and the US Securities and Exchange Commission (SEC) seems nowhere near its end <\/span>following the latest move by the agency<\/span>.<\/span> Recall that it officially <\/span>appealed<\/span><\/a> a 2023 verdict of Judge Analisa Torres, which determined that the firm\u2019s XRP sales to retail investors on crypto exchanges did not violate US securities laws.<\/span><\/p>\n

This means that the case will enter a new phase comprised of filings and a briefing process, <\/span>with<\/span> its official end most likely delayed for another few years.<\/span>\u00a0<\/span><\/p>\n

Several industry participants gave their two cents on the possible consequences of the appeal. One of those is Ripple\u2019s chief legal officer \u2013 Stuart Alderoty. He claimed<\/a> that the Second Circuit Court of Appeals <\/span>will<\/span> either affirm Judge Torres\u2019 decision or expand it.\u00a0<\/span><\/p>\n

\u201cThe best the SEC can hope for (and it\u2019s a remote hope) is a remand,\u201d Alderoty added.<\/span><\/p>\n

The <\/span>exec<\/span> also outlined the SEC\u2019s attempt to file an interlocutory appeal, which <\/span>was denied by Judge Torres<\/span> earlier this year.<\/span> Back then, the magistrate<\/span> clarified that \u201cHowey\u201d and all of Ripple\u2019s defenses, including Fair Notice, would then \u201cbe back on the table.\u201d<\/span><\/p>\n

\u201cThe Fair Notice standard asks if a person of \u2018ordinary intelligence\u2019 <\/span>was aware of<\/span> what the law prohibited. The SEC could <\/span>end up arguing<\/span> to Judge Torres that she wasn\u2019t a person of \u2018ordinary intelligence\u2019 when she ruled against them. Awkward,\u201d Alderoty maintained.<\/span><\/p>\n

According to Ripple\u2019s CLO, the lawsuit has always resembled the adventurous <\/span>novel<\/span>\u00a0Moby Dick, with the SEC\u2019s Chairman Gary Gensler stepping into the shoes of Captain Ahab. To those who haven\u2019t read the book, Captain Ahab is a central figure with an obsessive quest to hunt a particular white whale, which had previously injured him. His relentless desire, though, eventually leads to his tragic death and the sinking of the ship he was in charge of.\u00a0<\/span><\/p>\n

Alderoty thinks that the latest series of events have now made the case look like Moby Dick meets My Cousin Vinny (an American comedy film about a rookie lawyer who defends his cousin).\u00a0<\/span><\/p>\n

A Chicken Move?<\/span><\/h2>\n

Another person who chipped in is the US attorney Jeremy Hogan. He <\/span>explained<\/span><\/a> that the Commission appealed the ruling involving Ripple\u2019s sales of XRP on exchanges and the use of the token as a kind of payment. On the other hand, he outlined that it did not contend with its non-security status.\u00a0<\/span><\/p>\n

Hogan described the SEC\u2019s action as a \u201cchicken move,\u201d claiming it \u201ccompletely folded when it had the opportunity to <\/span>actually<\/span> try the case against Garlinghouse and Larsen in front of a jury.\u201d<\/span><\/p>\n

\u201cWhat<\/span> I <\/span>like? This appeal is about money. The injunction could change if Ripple were to lose, but only indirectly (as to order compliance),\u201d Hogan concluded.<\/span><\/p>\n

The post The Ripple v. SEC Case Resembles Moby Dick: The Company\u2019s CLO Explains Why<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The SEC continued the legal battle with Ripple by filing an official appeal on a specific summary judgment. The company\u2019s CLO likened the regulator\u2019s desire to prevail in the case to the tragic end of Captain Ahab from the novel Moby Dick. What Does the SEC Hope for? The legal tussle between Ripple and […]<\/p>\n","protected":false},"author":0,"featured_media":15425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15424"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15424"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15425"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}