Ripple’s Chief Legal Officer, Stuart Alderoty, has praised Judge Analisa Torres for correctly determining that XRP is not a security. In a recent post, Alderoty stated that other U.S. courts are now accepting her decision because it aligns with established securities laws, particularly the Howey framework.
Alderoty shared an excerpt from the SEC v. Binance ruling, which acknowledged Judge Torres’ decision as “consistent with the law of the land.” The Binance order, issued by Judge Amy Berman Jackson on June 28, stated that the court agrees with the approach taken by the court in Ripple Labs and criticized the SEC’s inconsistent legal theories.
Despite the SEC’s attempts to complicate securities laws with its inconsistent theories, Alderoty mentioned that the courts are starting to see through the regulator, as evidenced by the Binance lawsuit ruling.
In the recent SEC v. Binance decision, Judge Jackson dismissed charges related to Binance’s Simple Earn and secondary market sales of BNB and BUSD. Interestingly, she cited the Ripple decision while dismissing the charges related to Binance’s secondary market sales. This decision is seen as a significant win for clarity regarding secondary market sales of digital assets.
Alderoty further emphasized the importance of the Binance decision in a follow-up post. He highlighted how the ruling addressed the market confusion surrounding William Hinman’s 2018 speech, in which he declared Ethereum a non-security. Alderoty characterized Hinman’s speech as a fairy tale and stated that the recent Binance decision rejects the notion that a token can transition between being a security and non-security.
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