Key takeout
- The SEC solution in the Ripple case frees resources to focus on building clearer crypto regulations.
- Commissioner Hester Perth emphasized the importance of moving from litigation to aggressive regulatory efforts.
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SEC Commissioner Hester Peirce said the conclusion of the Ripple lawsuit allows regulators to shift their focus to developing a clear regulatory framework for the crypto market.
“The development that is welcomed for many reasons, including the once-lawed mind being able to focus on creating a clear regulatory framework for crypto, is often referred to as “crypto moms” because of her pro-support stance on digital assets.
Last week, the SEC and Ripple moved together to dismiss the appeal in the Second Circuit, effectively ending the long-term legal battle between top US financial regulators and crypto companies.
Once the appeal is dropped, the parties will bear legal costs and the decision issued in August 2023 by US District Judge Annalisa Torres exists as a final legal decision.
The ruling held that sales of XRP to secondary market retail investors did not constitute a securities transaction, but that sales of XRP to institutional investors violated the securities law and that Ripple was fined $125 million.
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