Flip

Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit. First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security. This decision led to a spate of others (most recently in the Binance case) that recognized the SEC’s gross overreach and lack of faithful allegiance to the law under Chair Gensler. The Courts have provided a much-needed check on the SEC’s behavior, but clarity on a token-by-token basis, through interminable litigation, is unacceptable. Policymakers on both sides of the aisle are getting increasingly frustrated with the lack of legislative progress on crypto as the U.S. continues to fall behind the rest of the world. While our case as a whole isn’t fully over (remedies still to be decided), the Court’s ruling that XRP is not a security will not change (even the SEC told the Court it will not challenge that conclusion). Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry in the litigation trenches – that runway is running out for the SEC. Ripple and the entire industry has and will emerge stronger, long after Chair Gensler is gone.