Ripple's partial victory 'is the boost of confidence the crypto community needed to stick to its guns that the SEC’s legal theory is wrong and its tactics improper,' Consensys' BillHughesDC says. Opinion. XRP
and that Ripple had fair notice that those contracts needed to be registered with the SEC to be lawful. Ripple’s interpretation of Howey was also expressly rejected by the court, the SEC sniffed, and the agency would “continue to review the decision.”
This was so surprising in part because this was supposed to be an easy case for the SEC. Ripple raised funds by selling tokens to the public via crypto exchanges, and got people to accept XRP in payment for services, all the while touting that XRP would go up in value. . But even if the case is appealed and the Second Circuit reverses some if not all of the district judge’s findings in favor of Ripple, we are talking about months if not years of additional litigation at both the district and appellate levels, all of which holds profound risk for the SEC.During that time, the SEC will find that its regulation-by-enforcement strategy has gotten palpably more difficult to execute.
The Ripple decision shows just how hollow those assurances are. Capitol Hill can no longer escape this question: might the crypto industry and 2021-era Gary Gensler be correct that there is a regulatory gap that needs to be filled through legislation?
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