A cryptopeptic commissioner of the US Securities and Securities Commission. UU. He explained to his agency about his liquidation letter that he could finally end the Ripple legal saga.
The SEC and Ripple presented presented a joint liquidation letter in a New York Court that requested that the judicial order of August 2024 against Ripple dissolve and $ 75 million of the $ 125 million in Civil Sanctions hero in custody that is returned to the cryptographic firm.
The commissioner of the SEC, Caroline Crenshaw, criticized the pending agreement in a statement on May 8, saying that it would damage the ability of regulators to keep cryptographic companies online and undermine the court ruling.
“This agreement, together with the programmatic disassembly of the SECS crypto control program, does a great service to the investment public and undermines the role of the court in the interpretation of our securities laws,” he said.
“On the average, the agreement joins a line of layoffs that collectively erodes the credibility of our lawyers in court that must take legal positions today against the tasks only a few months ago.”
According to the Trump administration, the SEC has slowly walked back its hard line position towards the forged cryptographic companies under the reign of the former SEC president, Gary Gary, designating a growing number of application actions against cryptographic companies.
At the same time, Celshaw argues that if Judge Torres accepts the agreement, he would erase “the protections of the investors we already won” and leave a “regulatory vacuum”, until the Crypto working group marks a regulatory framework.
“The agreement is not the best for investors and markets that our agency has the task of serving and protecting. Create more questions than answers.”
In August last year, a judge ordered Ripple to pay $ 125 million in fines after deciding the company’s token (XRP) of the company was covered by the securities laws when it was sold to institutional investors.
What follows for the Ripple case? It is not yet
Although the SEC and Ripple have agreed an agreement, it is not yet an agreement made, according to former federal prosecutor James Filan, because there are several steps before the long -standing legal saga can conclude.
To begin with, Judge Torres must provide an indicative decision if he accepts the Setlems Charter, said Philan in a May 8 analysis in X.
If Torres provides an indicative decision, the SEC and Ripple will request the Court of Appeals of the Second Circuit for a limited return to Judge Torres, which, if granted, will result in another motion for the agreement agreed to Filan.
Related: Bitnomial eliminates SEC demand before the launch of XRP futures in the United States
“After the court order is dissolved and the funds are distributed, the SEC and Ripple will ask the Court of Appeals to dismiss the appeal of the SEC and the cross appeal of Ripple. Then it will end,” he said.
The initial SEC launched legal actions against Ripple Labs in December 2020, accusing the illegal sales company is a token as an unregistered security.
Magazine: The change of direction of the SEC in Crypto leaves key questions without response
