By Roslyn Layton. (DC Journal). August 20, 2024.
On August 8, Judge Analisa Torres of the U.S. Southern District of New York issued her judgment on the case brought by the Securities and Exchange Commission against the blockchain payments company Ripple.
In her 16-page order, Torres brought the District Court’s gavel down on the SEC’s spectacular failure to expand the administrative state beyond what the law allows. The SEC should read the room and move on.
From the moment the SEC filed its case against Ripple in December 2020, the breadth and audacity of its legal assault on the company and its two senior executives rightly dubbed it the cryptocurrency trial of the century. The SEC argued that the XRP token, a digital commodity by any definition, was a security and that all XRP sales between any two parties are investment contracts with Ripple in perpetuity.
Read the full piece here: DC Journal.