Ripple Celebrates Another SEC Loss: Details
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Rippleâs Chief Legal Officer Stuart Alderoty recently took to X to highlight the recent setback for the SEC in its lawsuit against Kraken. Alderoty tweeted, âAnother court, this time in the Kraken case, confirms thereâs no such thing as a crypto asset security. Bad news for the SEC, whose entire regulation-by-enforcement strategy hinges on that failed premise.â
According to Krakenâs Chief Legal Officer Marco Santori, the SEC unqualifiedly lost on its âtokens are securitiesâ theory, and will not be permitted to rely on it going forward, dealing a major blow to the agency in its bid to classify tokens as securities.
Krakenâs chief legal officer hailed the ruling as a finding that none of the tokens trading on Kraken are securities.
The courtâs decision in the Kraken case mirrors a similar distinction made in the Ripple case: While a token itself is not considered a security, agreements surrounding the token could potentially be classified as such. This nuanced understanding is why the court allowed the case to proceed to discovery, despite rejecting the SECâs broader claims.
Despite the court allowing the SEC lawsuit against Kraken to proceed, Krakenâs CLO Marco Santori hailed the ruling, which rejected SECâs broader claims on tokens being âcrypto asset security,â to be a significant win.
âThe court found the SECâs self-serving invention of the crypto asset security concept to be unclear at best and confusing at worst,â Santori noted stating that the court called out the SECâs straw man tactics on its consistent mischaracterization of Krakenâs position as requiring a âwritten contractâ for there to be a security.