Unchained Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress - Ep. 520
Jul 18, 2023
Jake Chervinsky, Chief Policy Officer at the Blockchain Association, and Kayvan Sadeghi, Partner at Jenner & Block, dive into the significant recent court ruling on the SEC vs. Ripple case. They discuss how this ruling differentiates between security and cryptocurrency sales, impacting exchanges like Coinbase. The conversation highlights the urgent legislative response it sparks in Congress, challenges for Ripple, and the broader implications for crypto regulations. They also explore the implications of the Howey Test in this rapidly evolving landscape.
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Episode notes
Ripple Ruling's Impact
- The SEC v. Ripple ruling is a major win for the crypto industry, especially for defendants in similar lawsuits like Coinbase.
- It challenges the SEC's broad interpretation of securities laws and could accelerate crypto legislation in Congress.
Tokens Aren't Inherently Securities
- The ruling clarifies that tokens themselves aren't securities, but how they're offered matters.
- This refocuses the debate on the transaction, not just the asset's nature, potentially impacting other token cases.
Order's Significance
- Judge Torres granted summary judgment on core issues, but aiding and abetting claims remain.
- Appealing before the entire case concludes requires meeting a high standard and seeking the judge's permission, unlikely at this stage.
