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Ripple case closure lets SEC refocus on building crypto guidelines, says ‘Crypto Mom’ Hester Peirce
In a recent statement, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has emphasized the importance of shifting focus from litigation to proactive regulatory efforts in light of the Ripple lawsuit conclusion. According to reports, both parties have agreed to dismiss their appeals in the Second Circuit, effectively closing the high-profile case.
As stated by Peirce, the resolution of the lawsuit frees up resources that were previously dedicated to litigation, allowing regulators to concentrate on creating a clear regulatory framework for the crypto market. This, she emphasizes, is a welcome development that will enable the SEC to move forward with proactive efforts rather than being consumed by ongoing legal battles.
It is worth noting that the Ripple case was initiated in 2020 and had been the subject of much controversy and debate within the blockchain and cryptocurrency communities. The decision, which concluded that XRP sales to retail investors on secondary markets did not constitute securities transactions, while XRP sales to institutional investors violated securities laws, resulted in Ripple being fined $125 million.
Peirce’s comments have sparked a mixed reaction among industry observers and market participants, with some hailing the development as a positive step towards establishing greater clarity around crypto regulations. Others, however, remain concerned about the implications of the outcome for smaller and less well-established players within the space.
Despite these differing perspectives, Peirce’s emphasis on the need to refocus energies away from litigation and toward proactive regulatory efforts has been welcomed by many in the sector.
Source: cryptobriefing.com
