The Cryptocurrency Commissioner of the US Securities and Exchange Commission blasted her institution for a consensus letter that could finish Ripple Legal Saga.
The SEC and RIPPLE requested a prohibition order for RIPPLE in August 2024 and submitted a joint agreement to return $ 175 million of civil punishment held by ESCROW to cryptocurrency.
Caroline Censhaw SEC Commissioner said in a statement on May 8 that it will explode the pending transactions to sort the regulators’ cryptographic companies and damage the regulatory authorities to undermine the ruling.
“With the programming degradation of SEC’s encryption enforcement program, the agreement suffers from tremendous obstacles to the investment public and weakens the court’s role in interpreting securities law.”
“In the meantime, this agreement joins the dismissal line that enthusiastically eroses the reliability of our lawyers in court, which must take legal position in court in court.”
In accordance with the Trump administration, the SEC slowly stepped back to the hard -line position against the crypto company forged under the rule of the former SEC chairman Gary Gensler, and the enforcement of the encryption company increased.
At the same time, Censhaw claims that if the Torres judge accepts the agreement, it will erase the “protection of investors” and “regulatory vacuum” until the encryption task force comes to a regulatory framework.
“This agreement is not the best beneficiary of investors who work and protect our institutions and the market. We create more questions than the answer.”
In August last year, the judge ordered RIPPLE to pay a $ 125 million fine after ruling the company’s XRP (XRP) token.
What is the next ripple case? It’s not over yet
According to the James Filan prosecutor, the SEC and Ripple agreed to the consensus, but there are still some steps before long -term legal apa can be concluded.
For the first time, Judge Torres said that if he agreed to the consensus, he should provide an instructions in the May 8 analysis of X.
If Torres offers a display decision, the SEC and Ripple request a restricted remittance from the Torres judge to the Court of Appeals, which is limited to the Second Court.
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“After the prohibition order is dismantled and the funds are distributed, the SEC and Ripple will ask the Court to dismiss the SEC appeal and Ripple’s crossbells,” he said.
The SEC first started legal action against Ripple Labs in December 2020 and accused the company illegally sells tokens with unregistered security.
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