{"id":42256,"date":"2025-02-06T14:14:55","date_gmt":"2025-02-06T14:14:55","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=42256"},"modified":"2025-02-06T14:14:55","modified_gmt":"2025-02-06T14:14:55","slug":"important-ripple-v-sec-lawsuit-update-february-6","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=42256","title":{"rendered":"Important Ripple v. SEC Lawsuit Update February 6"},"content":{"rendered":"

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

The reassignment of Jorge Tenreiro and the resignation of SEC Chair Gary Gensler may signal a shift in regulatory approach, potentially leading to a faster and more favorable resolution in the Ripple lawsuit.
\nDespite leadership changes, the SEC continues its legal fight against the company, recently filing an appeal and gaining support from Better Markets, which insists XRP should be classified as a security.<\/p>\n

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

Good News for Ripple?<\/h2>\n

The<\/span> US Securities and Exchange Commission (SEC) has implemented some significant amendments to its leadership <\/span>since the beginning of the year<\/span>.<\/span> According to a recent <\/span>report<\/span><\/a> by the Wall Street Journal, it moved Jorge Tenreiro to its computer systems management department.<\/span><\/p>\n

The law expert joined the Commission 11 years ago, gradually climbing the ladder to become Chief Litigation Counsel in 2024. <\/span>Tenreiro <\/span>signed the SEC\u2019s notice of appeal in its case against Ripple.<\/span><\/p>\n

The plea was <\/span>filed<\/span><\/a> in October last year, and it opposes Judge Torres\u2019 ruling from 2023. <\/span>Back then, the magistrate<\/span> found that the company\u2019s programmatic sales of XRP to retail clients through centralized exchanges did not breach the rules.\u00a0<\/span><\/p>\n

Tenreiro is not someone the Ripple community thinks highly of. In December 2024, John Deaton (a prominent attorney representing thousands of XRP investors in the lawsuit against the SEC) <\/span>described<\/span><\/a> him and Gary Gensler as \u201ctwo peas in the same SEC pod.\u201d\u00a0<\/span><\/p>\n

He revealed having a personal confrontation with Tenreiro, saying the latter \u201cmisled a federal judge when he claimed I should not be appointed amicus counsel on behalf of XRP holders in the Ripple case.\u201d Eventually, Judge Torres ignored Tenreiro\u2019s request, which Deaton labeled \u201cthe best revenge.\u201d<\/span><\/p>\n

Less than a month ago, the SEC saw its Chairman, Gary Gensler, vacate<\/a> his post.\u00a0The American was considered a huge enemy of the digital asset industry, <\/span>with<\/span> the securities regulator <\/span>launching<\/span> multiple legal battles against cryptocurrency businesses during his tenure.<\/span><\/p>\n

Gensler was replaced by Mark Uyeda, who <\/span>has<\/span> an entirely different approach to the industry. Those changes might lead to a faster and perhaps favorable outcome of the Ripple v. SEC case and benefit the entire crypto sector. However, <\/span>XRP proponents should have somewhat realistic hopes<\/span> due to the complexity of the legal process.<\/span>\u00a0<\/span><\/p>\n

What\u2019s New in the Lawsuit?<\/span><\/h2>\n

Despite Gensler\u2019s resignation, the tussle witnessed other <\/span>important<\/span> developments since the beginning of 2025. In mid-January, the Commission <\/span>filed<\/span><\/a> its first opening brief as part of its appeal, insisting (once again) that Ripple\u2019s native token should <\/span>be classified<\/span> as a security. A week later, the company <\/span>requested<\/span><\/a> a due date of April 16, 2025, for its brief.\u00a0<\/span><\/p>\n

Although the crypto industry has predominantly backed Ripple in the lawsuit, some financial institutions have <\/span>expressed support for<\/span> the SEC. On January 22, the non-profit organization Better Markets <\/span>classified<\/span><\/a> XRP as a security.<\/span><\/p>\n

\u201cThe XRP tokens sold by Ripple Labs, Inc. (\u201cRipple\u201d) are investment contract securities regardless of whether investors acquired them directly from Ripple or indirectly on secondary trading platforms.<\/span><\/p>\n

And they are investment contracts regardless of the purchasers\u2019 level of sophistication. In all cases,\u00a0<\/span>investors were led<\/span> to expect profits from the efforts of others, thus satisfying the third prong of the Howey test for investment contracts,\u201d its brief reads.\u00a0<\/span><\/p>\n

The post Important Ripple v. SEC Lawsuit Update February 6<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The reassignment of Jorge Tenreiro and the resignation of SEC Chair Gary Gensler may signal a shift in regulatory approach, potentially leading to a faster and more favorable resolution in the Ripple lawsuit. Despite leadership changes, the SEC continues its legal fight against the company, recently filing an appeal and gaining support from Better […]<\/p>\n","protected":false},"author":0,"featured_media":42257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-42256","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\/42256"}],"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=42256"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/42256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/42257"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}