Crypto Industry Celebrates XRP Court Ruling But Long Way Ahead For Regulatory Framework -TGN

The cryptocurrency industry is abuzz with excitement after a recent court ruling declared so Ripple‘s XRP token is not considered a security when sold on digital asset exchanges.

The ruling has generated positive sentiment across the crypto ecosystem and offers hope for clarity in the regulatory landscape.

Stuart Alderotychief legal officer at Ripple, has said the most critical aspect of the ruling is the court’s explicit statement that XRP is not inherently a security, claiming that this ruling is now a matter of law, no longer up for discussion or trial.

“In addition, other findings not subject to litigation include the following: sales on exchanges are not securities, sales by executives are not securities, and other XRP distributions to developers, charities and employees are not securities,” he said. said in a recent interview.

While the XRP court ruling is an important milestone for the crypto industry, Alderoty said it is far from over.

“Further legal proceedings will follow as ordered by the court and we are evaluating next steps,” he said.

Recent ruling may point to some “measures of finality”

While many crypto experts rejoiced at Ripple’s recent partial victory, others noted that the industry’s fight for regulatory clarity is likely far from over.

Preston Byrne, a partner at Brown Rudnick and a crypto entrepreneur, said the SEC is currently reviewing the decision and claims the agency could challenge the ruling.

“Ripple’s summary verdict is clearly not the final word on the matter,” Byrne said in a recent tweet, noting that even if Ripple accepts victory, the company still has “billions of dollars in institutional sales they are on the hook for.”

However in one recent blog postlaw firm Holland & Knight states that incidental appeals are allowed, but are rarely granted in practice.

“While the court’s grant of summary judgment on certain aspects of the case indicates a degree of finality with respect to the SEC’s jurisdiction (or lack thereof), an appeal at this stage would be considered an interim judgment as the court has not settled the case in its entirety,” the company wrote.

Therefore, if the SEC decides to appeal, the process could potentially take months or even years.

Holland & Knight’s blog post also noted that Judge Torres explicitly declined to extend her opinion to the sale of XRP or other tokens on the secondary market, leaving room for future conflict.

As reported, Ripple recently applied for a crypto license in the UK And Ireland after the partial victory against the US Securities and Exchange Commission.

Sendi YoungRipple’s managing director for the UK and Europe, has revealed that the company “very recently” applied for a crypto asset company registration with the UK FCA, along with a payment institution license in Ireland.