David Schwartz, Ripple's chief technology officer, recently shared his perspective on the ongoing SEC case against Ripple via Twitter.
Responding to speculations about a potential appeal due to a decision by U.S. District Judge Jed Rakoff, Schwartz remarked, "I see Rakoff as distinguishing the two cases based on both different facts and different litigation stages. I don't think you have to read Rakoff as disagreeing with the ruling or showing a conflict." His comments shed light on the intricate nuances that set the two cases apart.
In a report by U.Today, it was highlighted that Judge Rakoff's stance diverges from a previous ruling by U.S. District Judge Analisa Torres.
While overseeing the SEC case against Terraform Labs, Judge Rakoff dismissed a pivotal differentiation made in the Ripple case verdict.
Judge Torres had earlier made a distinction between coins sold directly to institutional investors, classifying them as securities, and those sold to retail investors through secondary market transactions, which she did not consider securities.
However, this differentiation has been overruled in the Terraform Labs case, casting shadows of doubt over the Ripple ruling. This adds another layer of complexity to the ongoing legal tussle between the Securities and Exchange Commission (SEC) and Ripple.
The legal dynamics continue to shift as the SEC recently detailed its reasons for a motion to file an interlocutory appeal concerning the "programmatic" offers and sales of XRP on trading platforms. The crypto community and legal analysts remain split on the matter.
Gamza Khanzadaev
Godfrey Benjamin
Tomiwabold Olajide