JAKARTA - The US Securities and Exchange Commission (SEC) expressed its disapproval of a number of court decisions regarding the SEC vsRipple case involving XRP digital assets.
In a new filing for his lawsuit against Terraform Labs and one of its founders, Do Kwon, the SEC confirmed that Ripple's decisions regarding programmed sales and other sales were not in accordance with established legal standards.
In addition, the SEC also commented on Ripple regarding institutional investors, regulators stated that the programmed sales and other sales on Ripple were not in accordance with the existing legal framework, including Howey Test and its descendants.
Oleh karena itu, SEC menegaskan bahwa pengadilan tidak seharusnya mengikuti keputusan tersebut dan sedang mempertimbangkan langkah-langkah lanjutan untuk merekomendasikan permohonan pemeriksaan kasus ini.
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The new SEC filing is a response to lawyers representing Terraform Labs and Do Kwon seeking to drop a regulatory lawsuit. The SEC's lawsuit against Terraform Labs and Kwon was filed in February on charges of involvement in fraudulent schemes and selling unregistered securities, which allegedly led to the loss of at least US$40 billion (Rp601 trillion) market value.
Terraform Labs' lawyers stated that court decisions regarding the Ripple case provided support for their efforts to drop the lawsuit, as it confirmed the SEC's weakness in arguments against certain tokens, including the terrausd stablecoin they manage, as securities.
While crypto market players celebrate decisions that benefit Ripple regarding XRP, a number of experts warn. Former SEC head of internet enforcement, John Reed Stark, and lawyer Bryan Jacoutot, argues that the decision is not legally solid and must be monitored closely because it has the potential to be canceled. SEC chairman Gary Gensler also expressed his disappointment with the court's decision regarding retail investors.
The development of this case will continue to be followed by the crypto community and market players in Indonesia, because it has the potential to affect regulation and understanding of digital assets in the global financial market.
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