Experts Denies SEC Rumors Considering Dismissing Ripple's Appeal

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Fox business journalist Eleanor Terret rejects speculation that the US SEC recently discussed the imminent dismissal of appeals against Ripple.

On February 24th, the SEC Crypto Task Force met with legal experts to address issues related to cryptographic regulations.

Ripple’s domination highlighted at the SEC meeting

During the meeting, legal experts Jason Gottlieb, Andrew Hinkes and JW Verret submitted documents analyzing the specific cryptographic regulatory issues facing the SEC.

The document highlighted a ripple incident in which the Commission analyzed how the Commission claimed that a particular code was a security without judicial confirmation that the token was a security itself or was used as part of an investment agreement.

In particular, it emphasized that the courts do not universally accept the SEC’s position on crypto-related secondary market transactions, as observed in the Ripple case.

“Indeed, when the SEC theory was tested in the Ripple case, Judge Torres discovered that such a transaction did not constitute an investment contract, as the buyer could not confirm whether the payment had been made to Ripple or other XRP sellers.” Excerpt from the document.

FOX Business Journalist Refutes Speculations About Ripple Case’s Dismissal

In a document highlighting the Ripple case, some XRP community members speculated that the SEC’s Cryptographic Task Force would meet with lawyers to discuss potential terminations in the multi-year lawsuit.

In response, Terrett retorted this speculation with a “no.” This shows that rumors about the SEC considering dropping a Ripple case are wrong.

Secv. Ripple case status

At this time, we have not confirmed that the SEC is considering dropping an appeal against Ripple. The committee suspended or dismissed the related lawsuit, but its stance on the ripple case remains unknown.

Meanwhile, legal experts in the crypto industry believe that the ripple case is complicated due to Judge Torres’ existing ruling. She convicted Ripple for violating federal securities laws by providing and selling XRP as an investment agreement to institutional customers without registering with the SEC.

This led the judge to impose an injunction on Ripple’s future institutional sales and a $125 million fine for this violation. Therefore, the parties must cooperate with Judge Torres if they decide to dismiss the appeal.