FOX Business Senior Correspondent Charles Gasparino criticizes the U.S. #SEC for its handling of the Ripple lawsuit and suggests that the case could be dropped.
Gasparino shared this view in his recent appearance on The POMP Podcast. The prominent journalist characterized the securities agency’s handling of the Ripple lawsuit as gross overreach.
In his view, the lawsuit stems from unclear regulations for the United States crypto industry and has pushed Ripple’s innovative payment technology overseas.
Gasparino Criticizes Ripple Ruling
Despite criticizing the SEC, he also called Judge Analisa Torres’s ruling in the lawsuit “idiotic.” The judge issued her decision under three categories: programmatic sales, other distributions, and institutional sales.
While the judge declared that Ripple violated the law through its sales of XRP to U.S. institutional clients, she emphasized that programmatic sales and other distributions of the token were not investment contracts.
Reacting, Gasparino suggested that the ruling creates a precedent where institutional clients receive more disclosure than retail investors. According to him, this precedence tends to weaken the protection of retail investors in the United States.
