Ripple Labs vs. SEC proceeding keeps drawing the public eye. The XRP lawsuit may be the most notable case. It assumes that XRP (Ripple’s native token) should be classified as a security. Ripple’s repeated successes in the courtrooms, however, have not calmed down the rumor that it might reach out to the US Supreme Court. These implications result from the recent court decision of a Coinbase case that was in favor of the SEC, which, consequently, might influence future litigation.
The former head of the SEC’s crypto litigation unit, Ladan Stewart, therefore, gave a talk at a Columbia Business School panel discussion. As the Commission and Stewart have since parted ways, hers points out the intricacy of crypto regulation from the SEC’s perspective. She pointed out that the recent Coinbase situation might induce SEC to continue on track with a relatively strict approach.
XRP lawsuit could influence crypto definitions
During the session, Stewart assured the people and market participants that the Securities and Exchange Commission would continue to supervise the crypto industry. “And the CFTC?” she continued. “They are not willing to pull back from any trials in the cryptocurrency area,” emphasizing that they will continue to support consumers regardless of calls for more specific rules. Besides, Stewart also said the judicial rulings in cases like Ripple could be taken to the Supreme Court in order to get a final answer on the definition of securities in relation to cryptocurrencies.
The evidence of conflicting views was not limited to only the other panelists. Rebecca Rettig, Polygon’s analyst, and Lewis Cohen, DLx Law’s lawyer, were two of them who were also not happy with the SEC’s regulatory tactics, which they believe are not feasible according to the current laws. These people claimed that legal regulations dealing with securities within digital asset markets are rather vague, and most of the issues are connected with ambiguity and securities market regulation in general.
Supreme court may clarify crypto rules
The discussion of putting crypto registration onto the official list and using securities laws for digital assets still leaves bitter disputes. The US legal framework is still evolving, and the result of the case will set the tone, which the other crypto industry players may then follow. As regards Stewart, a Supreme Court decision can fill the gap with legal clarity that creates a potential modification of activities relating to enforcement or compliance.
With a conciliatory tone, Stewart ended on a note that was different from the rivaling views the panelists had harbored. The debates surrounding this matter and the emerging legislation will, for the most part, determine the fate of crypto regulation and the general incorporation of digital currencies into financial practices.
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