Chris Dolmetsch, Bloomberg's legal reporter, recently opined that the Ripple case could bode well for the broader cryptocurrency industry.
Elliott Stein, senior litigation analyst, believes that the recent court ruling could potentially help Coinbase, the largest US cryptocurrency exchange, in its own battle against the SEC.
The SEC took Coinbase to court last June, accusing the exchange giant of operating as an unregistered broker and clearing agency. Coinbase's motion to dismiss the lawsuit was rejected in June in a major blow to the exchange.
Tomiwabold OlajideStuart Alderoty, Ripple's chief legal officer, slammed the SEC's arguments in the Coinbase case after the agency argued that digital assets have no inherent value.
As reported by U.Today, Ripple was ordered to shell out $125 million by the court. The ruling was framed as a victory for the company by the San Francisco-headquartered company since the SEC was initially asking for a whopping $2 billion worth of fines and penalties.
Gamza KhanzadaevAt the same time, Dolmetsch has noted that the case might not be over just yet since the agency could still appeal the court's decision.
As reported by U.Today, a former SEC litigator predicted an SEC lawsuit against Ripple or Coinbase could make it all the way to the Supreme Court.
While the agency is highly unlikely to appeal the most recent court decision, it might still take issue with the controversial Torres ruling from 2023 that recognized secondary XRP sales as non-securities. Still, some believe that the SEC might be reluctant to stir the pot since the ruling has failed to gain significant traction. For instance, as reported by U.Today, it was rejected by U.S. District Judge Jed Rakoff in the Terra case.
Godfrey Benjamin
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