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XRP Lawyer on Key Difference Between Ripple and Terra in Battle With SEC

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Sun, 31/12/2023 - 10:05
XRP Lawyer on Key Difference Between Ripple and Terra in Battle With SEC
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In a recent courtroom showdown, Judge Rakoff delivered a crucial verdict favoring the SEC in its case against Terraform Labs. The ruling deemed Terraform Labs' digital assets, including the prominent UST, as unregistered securities, a significant win for the SEC. Despite this, the decision has left the regulatory landscape for digital assets largely unchanged.

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Stuart Alderoty, chief legal officer at Ripple, took to X to weigh in on the contrasting narratives surrounding crypto rulings. Alderoty dismissed comparisons, emphasizing the substantial nature of Ripple's legal victory. He likened it to a small crack compromising a battleship's structural integrity, ultimately leading to its demise.

Attorney John Deaton, representing XRP holders, provided a distinctive perspective on the legal disparities between the Terra and Ripple cases. Deaton asserted that the Howey analysis, crucial in these matters, is inherently fact-intensive. Drawing an analogy, he painted the Terra case as a severe accident caused by a reckless driver, highlighting the government's success in holding Terra responsible.

Contrastingly, the Ripple case, according to Deaton, involved a comparatively minor infraction — akin to a speeding ticket for an expired registration. Despite the fine, Ripple emerged victorious on the key aspect of causing the accident.

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Deaton pointed out that, unlike Terra, Ripple was cleared of any damages related to the incident, presenting a pivotal distinction between the two legal battles.

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