Key Takeaways
- SEC’s resolution of the Ripple case frees resources to focus on building clearer crypto regulations.
- Commissioner Hester Peirce emphasized the importance of shifting from litigation to proactive regulatory efforts.
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SEC Commissioner Hester Peirce says the conclusion of the Ripple lawsuit allows regulators to shift their focus toward developing a clear regulatory framework for the crypto market.
“A welcome development for many reasons, including that minds once occupied with litigation now can concentrate on creating a clear regulatory framework for crypto,” said Peirce, who is often referred to as ‘Crypto Mom’ for her pro-innovation stance on digital assets.
Last week, the SEC and Ripple jointly moved to dismiss their appeals in the Second Circuit, effectively ending the prolonged legal battle between the top US financial regulator and the crypto firm.
With the appeals being dropped, the parties will bear their legal costs, and the judgment issued by US District Judge Analisa Torres in August 2023 stands as the final legal decision.
That ruling determined that XRP sales to retail investors on secondary markets did not constitute securities transactions, while XRP sales to institutional investors violated securities laws, resulting in Ripple being fined $125 million.
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