Ripple lawyer: "The decision in the TerRaform Labs case will not turn XRP into securities" – Bits Media

The main legal adviser of Ripple said, that the recent decision of the court in the case of Terraform Labs collapsed last year does not change that fact, that XRP cryptocurrency does not belong to the category of securities.

Stuart Alderoes (Stuart Alderoty) tried to clarify the confusion regarding recent decision on the lawsuit of the US Securities and Exchange Commission (SEC) Against Terraform Labs. District Judge Jed Rakoff (Jed Rakoff) agreed with SEC, that UST stabilcoins are unregistered securities. This is contrary to the decision of the judge Analyzes Torres (Analyzes towers) By part of Ripple, which clarified, that the XRP digital coin produced by the company can be considered security only when selling institutional investors. This caused many debates in the cryptocurrency space, Therefore, Alderoti decided to make clarity.

“Let me clarify some confusion: The decision in the Terra case will not change anything in the decision about, that XRP is not a security ", - wrote a lawyer on Twitter.

Ripple's top manager reminded: Terraft Labs case is at an early stage, Therefore, at the moment, Judge Rakoff can take everything for the truth, What SEC claims. Alderoti noted, that the judge Torres made a decision on the claim against Ripple after, how the court was presented with a full actual report. It took more than two years to. According to Alderoti, Judge Rakoff missed the argument, that transactions of traders in the secondary market cannot be considered investments, If these traders do not know, From whom they buy crypto assets.

2/ I’ll let others dive into the Terra Judge’s comment, including his apparent misreading of the Ripple Judge’s reasoning – ex: missing the point that secondary market traders can’t “invest money” in anyone or anything if they don’t know who they are buying from.

— Stuart Alderoty (@s_alderoty) July 31, 2023

Recently, Alderoti said, that Ripple is ready for new judicial debate with the regulator, who has already appealed the court decision. Earlier, the Ripple legal adviser accused SEC of neglecting the interests of retail investors.