XRP isn’t itself a security; it depends on how it’s sold. So said a federal judge last Thursday in the SEC vs. Ripple case and the implications are significant. Jake Chervinsky, chief policy officer at the Blockchain Association, and lawyer Kayvan Sadeghi, partner at Jenner & Block, join the show to discuss two major ramifications. One: U.S. District Judge Analisa Torres dealt a major blow to the legal theory underpinning the SEC’s case against Coinbase. Two: This order really “lights a fire” under U.S. lawmakers to act on a pair of crypto bills in Congress.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

• why this is an “extraordinary victory” for the industry, according to Jake
• whether Judge Torres made the right decision
• how the SEC could seek an interlocutory appeal to halt the case, though it’s unlikely
• what are the pending items in the case that need to be resolved
• why the order that Judge Torres issued is not a final judgment
• why it is more important to look at the transaction, not at the nature of the asset, to determine whether something should be deemed a security
• whether the SEC has the authority to call digital assets securities
• the significance of the “major questions doctrine”
• how the order in the Ripple case will affect other cases like the Coinbase one
• whether exchanges should re-list XRP
• why this case could be instrumental in steering the direction of crypto regulation in the U.S.
• whether other crypto tokens like SOL or MATIC should feel relieved with this new ruling
• why Jake says that this case will speed up the chances of crypto legislation getting passed
• what the differences are between the current crypto bills that are being proposed
• whether SEC Chair Gary Gensler should recuse himself from enforcement actions in the crypto industry

Thank you to our sponsors!

• Crypto.com
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Guests:

• Jake Chervinsky, chief policy officer at the Blockchain Association
• Previous appearances on Unchained: The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
• All Things Crypto Regulation With Jake Chervinsky
• Everything You Need to Know About the Looming Battle Over Privacy in Crypto
• Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
• Kayvan Sadeghi, partner at Jenner & Block and co-chair of the fintech and crypto assets practice.

Links:

• Previous coverage of Unchained on the Ripple case: 
• New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
• The Chopping Block: Should XRP Holders Really Be Rejoicing?
• The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know 
• Ripple's XRP: Why Its Chances of Success Are Low
• SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security

• CoinDesk:
• Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
• Ripple Labs Ruling Throws U.S. Crypto-Token Regulation into Disarray
• The Washington Post: Ripple ruling threatens SEC’s crypto regulation push
• Chair Gensler Must Recuse Himself From Digital Asset Enforcement Decisions - Blockchain Association

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