Fox Business’ Charles Gasparino clashed with Ripple CTO David Schwartz at X over the controversial ruling of Torres, which recognized the sale of secondary XRP as unsafe in 2023.
Gasparino argues that “meaningless” rulings are meaningless, and Schwartz claims controversial journalists have a hard time understanding securities laws.
“It’s entirely your problem that it’s difficult to understand the incredibly simple basic facts about securities law,” Schwartz said.
The recent spat comes after Ripple dropped a cross appeal to the SEC after the fine was reduced to $50 million. This could have marked the end of a long legal battle. The SEC waived the appeal earlier this month. However, Gasparino did not view this as a major victory for the company.
The fines are still “severe,” according to the reporter. “That being said, because Ripple Insiders has been a billionaire many times, Net-net, this doesn’t mean that everyone is at the top of a poor home,” he added.
Gasparino recalled how Judge Jed Rakov was doing. “I threw a shade.” Regarding Torres’ ruling, he refuses to distinguish between retail and institutional sales. This means that the issues associated with this case continue to persist.
Reporters repeatedly criticized the ruling because it allows for lower disclosure standards for retail investors compared to institutions.
He predicts that the next SEC Chair, Paul Atkins, will be asked to take this contradiction four-face.
However, Schwartz refused to criticize him, claiming that the ruling was misinterpreted by Gasparino.
“Torres never held that the secondary sale of tokens was not a securities offer and did not believe that retail purchases were generally entitled to different disclosures than institutional buyers,” Schwartz revealed.
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