Citing penalty charged to Coinschedule by SEC, Ripple has filed a motion asking the court to dismiss charges against companies CEO Brad Garlinghouse and Co-Founder Chris Larsen.
Recently Coinshedule together with its parent company Blotics is fined $200k for violating the securities law.
SEC Commissioners’ Statements Suggesting Regulatory Uncertainty:
In a recent filing shared on Twitter by the defendant’s attorney James K. Filan, Ripple has mentioned statements of SEC Commissioners Hester Peirce and Elad Roisman. Commenting on the outcome of the case against Coinshedule, Peirce and Roisman had stated:
“There is a decided lack of clarity for market participants around the application of the securities laws to digital assets and their trading.”
In another statement, they stated, the only certainty they have is that the people have questions; how the relevant laws and regulations apply to them.
Opining on the clarity the Howey Test[done to evaluate the asset if it is a security or not] provides Commissioners stated:
“The application of Howey Test is not crystal clear.”
Admitting that the market should be regulated by clear regulatory guideposts they asserted:
“Providing clear regulatory guideposts and then bringing enforcement actions against people who ignore them is a better approach than the clue-by-enforcement approach that we have embraced to date and that today’s settlement embodies.”
If Ripple can convince the court, the SEC could be subject to the Violation of article 17b of US Securities law.
The Lawsuit is Significant for the Whole Crypto Industry:
It is not the first time Ripple is insisting on regulatory uncertainty. In an interview with Protocol Ripple’s General Counsel Stuart Alderoty had alleged SEC of creating a “regulatory morass”. He had also stated that the lawsuit they are fighting is not only concerned to Ripple but it is significant for the whole market.
Alderoty had also asserted that no single party has the capacity for coming up with a digital currency regulatory framework and all the relevant parties should be involved in it.
Former Ethereum Advisor Steven Nerayoff to Feature on John E. Deaton’s Podcast
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...