SEC and Ripple Case Sparks New Controversy: Programmatic Sale Ruling Ignites Heated Debate
At the end of the year and the beginning of the new year, the legal entanglements between the SEC (Securities and Exchange Commission) and Ripple have once again become the focus of the market. On December 29, a lively discussion regarding the court ruling quietly unfolded within the industry, a discussion that not only touches the nerves of the cryptocurrency sector but also leaves countless XRP investors feeling uneasy.
In this debate, well-known cryptocurrency lawyer Bill Morgan provided a compelling response to Fox Business senior reporter Charles Gasparino's criticism of Judge Analisa Torres' ruling in the Ripple case. Gasparino questioned the necessity of the ruling and pointed out that the judge may have lowered the disclosure standards for retail investors in the summary judgment, setting a precedent for the market. However, Morgan emphasized that the judge made the ruling based on solid evidence and pointed out the SEC's clear lack of evidence regarding profit expectations under the Howey Test. He further noted that the evidence provided by amicus attorney John E. Deaton is equally crucial, indicating that 'retail buyers did not expect to profit from Ripple’s efforts and were even unaware of Ripple.'
Gasparino also questioned Judge Torres' interpretation of securities law, arguing that there is a contradiction in how Ripple's private issuance and public sale are defined under securities law. This viewpoint undoubtedly deepens the confusion and concerns in the market.
As the SEC's appeal application approaches, XRP investors are becoming increasingly anxious. This debate not only highlights the complexity of the case but also raises doubts among investors about whether the SEC has sufficient evidence to overturn the ruling. The SEC must submit its opening statement before the January 15 deadline, and this action will directly determine whether investors will be able to see if the agency has the strength to turn the tide.
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