{"id":532755,"date":"2023-05-15T09:50:23","date_gmt":"2023-05-15T09:50:23","guid":{"rendered":"https:\/\/wncen.com\/?p=532755"},"modified":"2023-05-15T09:05:45","modified_gmt":"2023-05-15T09:05:45","slug":"ripple-clo-exposes-how-sec-ignores-law-brags-about-it","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple-clo-exposes-how-sec-ignores-law-brags-about-it\/","title":{"rendered":"Ripple CLO Exposes How SEC Ignores Law And Brags About It"},"content":{"rendered":"<p>The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) in the US District Court of Southern New York is still awaiting a ruling from Judge Analisa Torres. Just last week, Ripple CEO Brad Garlinghouse <a href=\"https:\/\/wncen.com\/news\/xrp-holds-key-support-ripple-ceo-predicts-delay\/\" target=\"_blank\" rel=\"noopener \">downgraded<\/a> expectations, stating that a ruling would likely come in &#8220;two to six months&#8221; rather than the first half of 2023.<\/p>\n<p>However, this is not stopping Ripple&#8217;s Chief Legal Officer (CLO) Stuart Alderoty from continuing to attack the SEC and expose its unlawful legal practices. Via Twitter, Alderoty <a href=\"https:\/\/twitter.com\/JohnEDeaton1\/status\/20441856\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> a court decision over the weekend that shows just that.<\/p>\n<h2>Ripple CLO Exposes Unlawful Guidance By SEC<\/h2>\n<p>Specifically, it concerns the &#8220;common enterprise&#8221; issue that is a component of the Howey test. The Ripple CLO writes that in the 1946 Supreme Court case &#8220;Howey&#8221;, the SEC unsuccessfully tried to pull off a trick that it is unpacking again today. At the time, the SEC wanted to enforce that an investment in a &#8220;common enterprise&#8221; was not required as long as there was a &#8220;common interest&#8221;.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/ripple-cto-labels-ben-coin-as-scam-bitboy-reacts\/\" target=\"_blank\" rel=\"noopener \">Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts<\/a><\/div>\n<p>&#8220;The SEC was wrong then and it is wrong now. Common Interest \u2260 Common Enterprise,&#8221; wrote Alderoty, who also shared the text of the writ. XRP community attorney John E. Deaton added that the SEC&#8217;s framework for digital assets ignores just that:<\/p>\n<blockquote><p><strong>The SEC is so arrogant that it ignores the law and brags about it.<\/strong><\/p><\/blockquote>\n<p>The SEC&#8217;s <a href=\"https:\/\/www.sec.gov\/corpfin\/framework-investment-contract-analysis-digital-assets\" target=\"_blank\" rel=\"noopener nofollow\">website<\/a>, where the &#8220;Framework for Investment Contract Analysis of Digital Assets&#8221; can be found, states that in order to satisfy the &#8220;common enterprise&#8221; aspect of the Howey test, federal courts require that there be either &#8220;horizontal commonality&#8221; or &#8220;vertical commonality&#8221; (Revak v. SEC Realty Corp.).<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/xrp-holds-key-support-ripple-ceo-predicts-delay\/\" target=\"_blank\" rel=\"noopener \">XRP Holds Above Key Support As Ripple CEO Predicts Delay Of Verdict<\/a><\/div>\n<p>The Commission, on the other hand, does not require vertical or horizontal commonality per se, nor does it consider a &#8220;common enterprise&#8221; to be a distinct element of the term &#8220;investment contract&#8221;.<\/p>\n<p>On that basis, Alderoty said in a follow-up tweet:<\/p>\n<blockquote><p><strong>The Revak case exposes yet another SEC sleight of hand. Without a &#8216;common enterprise&#8217; it matters not whether &#8216;the fortunes of investors&#8217; are tied to the efforts of others. The Howey test is not &#8216;<\/strong><strong>so easily satisfied.&#8217;<\/strong><\/p><\/blockquote>\n<p>Whether Judge Torres will agree and rule in Ripple&#8217;s favour remains to be seen. The pressure on the judge is likely to be intense, especially in light of the US Democrats&#8217; attack on crypto.<\/p>\n<h2>XRP Price Above Key Support<\/h2>\n<p>At press time, XRP was trading at $0.4280, holding above the key support level of $0.4131 over the past few days. This support is crucial as a break below it would send the XRP price back into the early November 2022 to mid-March 2023 trading range, a signal the bulls should avoid at all costs.<\/p>\n<figure id=\"attachment_532771\" aria-describedby=\"caption-attachment-532771\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-532771 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?resize=3625%2C1672\" alt=\"Ripple XRP price\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=3625 3625w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/XRPUSD_2023-05-15_10-49-14.png?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-532771\" class=\"wp-caption-text\">XRP price holds key support, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/GqIX17S0\/\" target=\"_blank\" rel=\"noopener nofollow\">XRPUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from FinanceFeeds, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) in the US District Court of Southern New York is still awaiting a ruling from Judge Analisa Torres. Just last week, Ripple CEO Brad Garlinghouse downgraded expectations, stating that a ruling would likely come in &#8220;two to six months&#8221; rather than the first half of 2023. However, this is not stopping Ripple&#8217;s Chief Legal Officer (CLO) Stuart Alderoty from continuing to attack the SEC and expose its unlawful legal practices. Via Twitter, Alderoty shared a court decision over the weekend that shows just that. Ripple CLO Exposes Unlawful Guidance By SEC Specifically, it concerns the &#8220;common enterprise&#8221; issue that is a component of the Howey test. The Ripple CLO writes that in the 1946 Supreme Court case &#8220;Howey&#8221;, the SEC unsuccessfully tried to pull off a trick that it is unpacking again today. At the time, the SEC wanted to enforce that an investment in a &#8220;common enterprise&#8221; was not required as long as there was a &#8220;common interest&#8221;. Related Reading: Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts &#8220;The SEC was wrong then and it is wrong now. Common Interest \u2260 Common Enterprise,&#8221; wrote Alderoty, who also shared the text of the writ. XRP community attorney John E. Deaton added that the SEC&#8217;s framework for digital assets ignores just that: The SEC is so arrogant that it ignores the law and brags about it. The SEC&#8217;s website, where the &#8220;Framework for Investment Contract Analysis of Digital Assets&#8221; can be found, states that in order to satisfy the &#8220;common enterprise&#8221; aspect of the Howey test, federal courts require that there be either &#8220;horizontal commonality&#8221; or &#8220;vertical commonality&#8221; (Revak v. SEC Realty Corp.). Related Reading: XRP Holds Above Key Support As Ripple CEO Predicts Delay Of Verdict The Commission, on the other hand, does not require vertical or horizontal commonality per se, nor does it consider a &#8220;common enterprise&#8221; to be a distinct element of the term &#8220;investment contract&#8221;. On that basis, Alderoty said in a follow-up tweet: The Revak case exposes yet another SEC sleight of hand. Without a &#8216;common enterprise&#8217; it matters not whether &#8216;the fortunes of investors&#8217; are tied to the efforts of others. The Howey test is not &#8216;so easily satisfied.&#8217; Whether Judge Torres will agree and rule in Ripple&#8217;s favour remains to be seen. The pressure on the judge is likely to be intense, especially in light of the US Democrats&#8217; attack on crypto. XRP Price Above Key Support At press time, XRP was trading at $0.4280, holding above the key support level of $0.4131 over the past few days. This support is crucial as a break below it would send the XRP price back into the early November 2022 to mid-March 2023 trading range, a signal the bulls should avoid at all costs. Featured image from FinanceFeeds, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":532765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[3680,3799,4531],"class_list":["post-532755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ripple","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\n<title>Ripple CLO Exposes How SEC Ignores Law And Brags About It<\/title>\n<meta name=\"description\" content=\"Ripple Chief Legal Officer (CLO) Stuart Alderoty exposes the SEC&#039;s unlawful guidance and legal practices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. 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