The post Judge Amy Berman Jackson Endorses Key Aspects of SEC v Ripple Ruling in Binance Case appeared first on Coinpedia Fintech News
Judge Amy Berman Jackson’s recent comments in the SEC v. Binance case have shed new light on the SEC v. Ripple decision. Pro-XRP lawyer Bill Morgan highlighted key points from Judge Jackson’s ruling, which could have far-reaching effects on the crypto community.
Here’s why Judge Torres’ observations in the Ripple case are now seen as more convincing than ever
Judge Jackson’s Support for Ripple Case Ruling
Judge Amy Berman Jackson, in her ruling on the SEC v. Binance case, provided important insights that support the SEC v. Ripple decision. She found Judge Torres’ observations on the nature of the token itself to be “clarifying and persuasive.” This support suggests that Judge Torres’ interpretation is gaining acceptance among judges.
One of the most debated issues in crypto regulation is the application of the Howey Test, especially the third part, which looks at the expectation of profits based on the efforts of others. Judge Torres’ reasoning in the Ripple case distinguished between institutional and programmatic buyers of tokens.
Judge Jackson preferred this reasoning over Judge Rakoff’s different approach in the Terraform case, which did not make such a distinction.
Impact on Ripple Ruling In the Crypto World
Bill Morgan, a well-known pro-XRP lawyer, highlights the growing influence of the SEC v. Ripple decision after Judge Jackson’s comments. This increased judicial support could strengthen Ripple’s position in its ongoing legal battles and might affect other cases involving digital assets.
So to sum it up, this is what judge Amy Berman Jackson in her SEC v Binance decision thought about aspects of the summary judgement decision of Judge Torres in SEC v Ripple:1. Judge Torres observations on the nature of the token itself were “clarifying and persuasive”;2.…
— bill morgan (@Belisarius2020) June 29, 2024
This ruling sets a major example for ongoing crypto cases in the United States. Coinbase, Kraken, and ConsenSys are likely to leverage this opinion to strengthen their positions in their lawsuits.
With Judge Jackson’s agreement, the SEC can no longer argue that Judge Torres’ opinion on secondary sales is unsupported by other judges, marking a crucial development in the legal landscape for cryptocurrency.
Binance vs SEC Lawsuits
In June 2023, the SEC, led by Gary Gensler, sued Binance, alleging that the exchange offered unregistered securities and operated illegally in the United States. In response, Binance and its CEO, CZ, filed to dismiss the lawsuit about three months later, arguing that the SEC had exceeded its legal authority.
Amidst these legal battles, CZ is currently serving a four-month prison sentence for violating money laundering laws. Despite these challenges, Binance remains the largest cryptocurrency exchange in the world, boasting over 200 million users and managing $100 billion in assets.
