Legal Experts Comment on Ripple – XRP Ruling: “A huge blow to the SEC’s ability to regulate other entities in the crypto space”
Partner and co-chair of Herrick's Securities Litigation and Enforcement Group, Arthur G. Jakoby, was quoted in Crowdfund Insider discussing how the cryptocurrency industry is interpreting the recent court order made in the Ripple-XRP lawsuit filed by the U.S. Securities and Exchange Commission ("SEC").
Arthur labeled the decision a huge win for Ripple and the crypto-digital asset industry in general. “The court’s precedent-setting decision that programmatic sales of XRP do not constitute the sale of securities, undercuts the SEC’s position that secondary sales of digital assets on exchanges such as Coinbase, and other digital asset platforms, constitute the sale of unregistered securities. If upheld on appeal, this decision significantly narrows the SEC’s jurisdiction over the crypto market.”