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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple CLO Exposes How SEC Ignores Law And Brags About It

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Ripple vs SEC

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The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) in the US District Court of Southern New York is still awaiting a ruling from Judge Analisa Torres. Just last week, Ripple CEO Brad Garlinghouse downgraded expectations, stating that a ruling would likely come in “two to six months” rather than the first half of 2023.

However, this is not stopping Ripple’s Chief Legal Officer (CLO) Stuart Alderoty from continuing to attack the SEC and expose its unlawful legal practices. Via Twitter, Alderoty shared a court decision over the weekend that shows just that.

Ripple CLO Exposes Unlawful Guidance By SEC

Specifically, it concerns the “common enterprise” issue that is a component of the Howey test. The Ripple CLO writes that in the 1946 Supreme Court case “Howey”, the SEC unsuccessfully tried to pull off a trick that it is unpacking again today. At the time, the SEC wanted to enforce that an investment in a “common enterprise” was not required as long as there was a “common interest”.

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“The SEC was wrong then and it is wrong now. Common Interest ≠ Common Enterprise,” wrote Alderoty, who also shared the text of the writ. XRP community attorney John E. Deaton added that the SEC’s framework for digital assets ignores just that:

The SEC is so arrogant that it ignores the law and brags about it.

The SEC’s website, where the “Framework for Investment Contract Analysis of Digital Assets” can be found, states that in order to satisfy the “common enterprise” aspect of the Howey test, federal courts require that there be either “horizontal commonality” or “vertical commonality” (Revak v. SEC Realty Corp.).

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The Commission, on the other hand, does not require vertical or horizontal commonality per se, nor does it consider a “common enterprise” to be a distinct element of the term “investment contract”.

On that basis, Alderoty said in a follow-up tweet:

The Revak case exposes yet another SEC sleight of hand. Without a ‘common enterprise’ it matters not whether ‘the fortunes of investors’ are tied to the efforts of others. The Howey test is not ‘so easily satisfied.’

Whether Judge Torres will agree and rule in Ripple’s favour remains to be seen. The pressure on the judge is likely to be intense, especially in light of the US Democrats’ attack on crypto.

XRP Price Above Key Support

At press time, XRP was trading at $0.4280, holding above the key support level of $0.4131 over the past few days. This support is crucial as a break below it would send the XRP price back into the early November 2022 to mid-March 2023 trading range, a signal the bulls should avoid at all costs.

Ripple XRP price
XRP price holds key support, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from FinanceFeeds, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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