Neel Maitra, a former fintech and crypto expert at the US Securities and Exchange Commission (SEC), recently commented on the ongoing legal case involving the regulator and Ripple Labs. During MicroStrategy’s recent Bitcoin For Corporations event, Maitra detailed legal complexities that are involved in regulating the crypto sector, focusing on the Ripple case.
Expressing his view, Maitra commented on the divergent legal opinions related to how secondary cryptocurrency trading, such as Ripple’s native token, XRP, should be legally classified.
“It’s funny because three of the relevant judges here were in the Southern District of New York. Therefore, in a single federal district, judges are unable to agree on how this secondary crypto trade should be handled,” Maitra highlighted.
The focus brought by the expert revolves around whether or not transactions carried out on exchanges constitute securities transactions under US law. “The differing opinions between these judges highlight the nuances and evolving nature of cryptocurrency regulation,” explained Maitra.
In his prediction about the case, Maitra stated: “It is inevitable that this [caso Ripple vs SEC] go to the second circuit and maybe even further, who knows, but there is still a lot to do on this specific decision, just like with Coinbase.”
🚨⚖️ 🚨𝗦𝗘𝗖 𝘃𝘀. 𝗥𝗶𝗽𝗽𝗹𝗲 🚨⚖️🚨
👤 Neel Maitra, Partner at Dechert / Former Fintech and Crypto Specialist at the @SECGov / Formerly at Sullivan & Cromwell
⚠️ “𝘛𝘩𝘦 𝘚𝘌𝘊 𝘥𝘰𝘦𝘴𝘯’𝘵 𝘯𝘦𝘤𝘦𝘴𝘴𝘢𝘳𝘪𝘭𝘺 𝘴𝘦𝘦 𝘵𝘩𝘦 𝘙𝘪𝘱𝘱𝘭𝘦 𝘤𝘢𝘴𝘦 𝘢𝘴 𝘣𝘦𝘪𝘯𝘨 𝘢… pic.twitter.com/DL4lksMoF6
— Subjective Views (@subjectiveviews) May 5, 2024
Pro-XRP Legal Experts Predict Ripple Defeat in Latest Action
In the ongoing lawsuit involving Ripple Labs and the US Securities and Exchange Commission (SEC), legal experts in the pro-XRP community are predicting that the company will likely lose its latest court motion. In a recent post on Platform X, attorney Jeremy Hogan highlighted Ripple’s potential loss in its recent legal action.
In his post published on May 2, Hogan wrote: “The hardest thing to do in CT is say you think the SEC will win a motion. But HERE GOES: I think the SEC will win this motion. And even if the Court considers the witness to be an “expert”, I think that instead of attacking the witness, it will just allow Ripple to depose him, etc., as he did before. Now, if you’ll excuse me while I go pray that I’m wrong, which doesn’t happen very often.”
The comment came following an update from attorney James K. Filan who shared Ripple’s filing of a letter seeking additional support for its motion filed on April 22 to eliminate new specialized materials and in response to the SEC’s opposition on April 29. April to this strike motion.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/processo-ripple-vs-sec-vai-inevitavelmente-para-segundo-circuito-estima-ex-especialista-do-regulador/
