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đč The Crypto World Rejoices as Ripple and Kraken Score a Major Legal Victory! The recent ruling by the Federal Court for the Northern District of California has sent shockwaves through the crypto community, with both Kraken and Rippleâs legal teams celebrating a significant win against the U.S. Securities and Exchange Commission (SEC).
đč Krakenâs Chief Legal Officer Speaks Out
Marco Santori, Krakenâs chief legal officer, emphasized the importance of this ruling, stating that the courtâs decision is a major win for Kraken, for the principle of clarity, and for crypto users everywhere. âToday, the Federal Court ruled, as a matter of law, that none of the tokens trading on Kraken are securities,â Santori declared, reinforcing Krakenâs long-standing position that it does not list securities.
- Clarity and Victory: The court criticized the SECâs definition of âcrypto asset securityâ as vague and inconsistent, further questioning the SECâs portrayal of Krakenâs stance on requiring a âwritten contractâ for security classification.
- Broader Implications: Santori warned that the SECâs enforcement-based approach could lead to extensive, expensive, and time-consuming legal battles for the industry, urging Congress to establish a clear market structure framework for blockchain technology.
đč Rippleâs Legal Chief Echoes the Sentiment
Stuart Alderoty, Rippleâs chief legal officer, echoed Santoriâs remarks on X, highlighting that this ruling is yet another blow to the SECâs regulatory strategy. âAnother court, this time in the Kraken case, confirms thereâs no such thing as a âcrypto asset security,ââ Alderoty commented, emphasizing that the SECâs regulation-by-enforcement approach is fundamentally flawed.
- The Ripple Effect: This ruling reinforces the legal precedent set in the Ripple case, where it was determined that a token itself isnât a security, but agreements surrounding the token could be.
đč What Does This Mean for the Crypto Industry?
This ruling is more than just a win for Kraken and Rippleâitâs a victory for the entire crypto industry. The courtâs decision underscores the need for clear regulations and a comprehensive market structure that fosters growth and innovation in blockchain technology.
đ Join the Conversation!
Do you agree with the chief legal officers of Ripple and Kraken? What do you think this ruling means for the future of crypto regulation? Share your thoughts in the comments below and stay tuned for more updates!
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