The 13th of July was a day that will stay a long time in the mind of the stern XRP supporters. The day Judge Analisa Torres passed a judgment in favor of the embattled digital token XRP, leading to its relisting spree by top exchanges such as Coinbase and Binance (U.S. branch).
It should be noted that it’s regarded as a partial victory for Ripple due to its waiting case in relation to its past sales of XRP to institutional investors. But for XRP holders, it’s a grand victory as the Judge classified the sales of XRP to retail investors as non-security.
Read Also: Attorney John Deaton is Confident Ripple and XRP Victory Will Not Be Revoked. Here’s why
Despite the victory songs and excitements, Stuart Alderoty, chief legal officer at Ripple Labs, has stated in a new TechCrunch Podcast that the victory is not an end to the search for regulatory clarity.
Recall that the SEC had played down the victory, claiming the decision of Judge Torres on secondary market sales of XRP was wrong.
According to Alderoty, the judgment is a faithful application of the law, which will be upheld and strengthened by any appeal court. He added that the lawsuit would provide clarity for other pending lawsuits.
Stuart Alderoty noted:
“We think the judge got this right, and we believe it’s a faithful application of the law, which I think an appeals court will not only uphold but maybe even strengthen…
“I think our case and the verdict of our judge will give other judges comfort that the SEC has been misled.”
Alderoty further stressed that what policymakers and lawyers should desire to know right now is the best regulatory framework that would protect the integrity of the crypto market.
The Ripple CLO thereby stated that there is an urgent need for a comprehensive regulatory framework if the United States wants to avoid the risk of losing innovation.
“Without this, I don’t think the crypto industry and the technology behind it, the brilliant entrepreneurs who drive it, can truly realize the full potential of this technology in the U.S. and overseas relocations will continue,” Stuart Alderoty stated.
Advising other crypto-related companies, he said “Incorporate in a country with a “clear regulatory regime”. Otherwise, you will continue to face the hostility we see in the crypto industry in the US. Until you have a clear, comprehensive regulatory framework in the US, this is probably not a place you would want to start your business. And that’s a sad statement.”
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