The CEO of Haun Ventures, Katie Haun, a former federal prosecutor turned chief executive of a crypto-focused venture capital fund, expressed her surprise at the possibility of an immediate appeal from the United States Securities and Exchange Commission (SEC) regarding the Ripple case ruling.
Haun believes that the SEC benefits from the lack of legal clarity in the current situation.
On July 13, Judge Analisa Torres granted a partial summary judgment in favor of Ripple Labs, determining that XRP is not a security.
While some commentators speculated that the SEC might appeal the decision, Haun took to Twitter on July 15 to explain her skepticism about an immediate appeal.
She stated that the SEC likely wants to maintain the current confusion as it works in their favor, and losing on appeal could put their future enforcement actions at risk.
Haun’s perspective is supported by Ripple Labs CEO Brad Garlinghouse, who also believes that it will take several years before the SEC decides to lodge an appeal.
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Garlinghouse further suggested that an appeal from the SEC would only reinforce Judge Torres’ decision that XRP is not a security.
Jeremy Hogan, a U.S. lawyer and Ripple commentator, shared his belief that the SEC might launch an appeal after the scheduled trial between the SEC and Ripple concludes in early 2024.
The SEC is currently involved in lawsuits against prominent crypto exchanges Binance and Coinbase for alleged securities law violations.
The recent ruling in the Ripple case, while not a binding precedent, could potentially influence the outcomes of these cases.
In response to the ruling and the resulting confusion, many crypto commentators and lawmakers are urging Congress to provide legal clarity for the cryptocurrency industry.
Brian Quintenz, the former commissioner of the Commodity Futures Trading Commission and head of policy for crypto venture capital fund a16z, argued that the Ripple court ruling only adds to the existing uncertainty faced by entrepreneurs and builders in the crypto space.
U.S. Senator Cynthia Lummis emphasized the urgent need for Congress to establish a clear and comprehensive regulatory framework for the cryptocurrency industry, highlighting the significance of the recent ruling.
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