CoinDesk: “Could the Ripple Ruling Spell the End of Regulation by Enforcement?”
By John Rizzo for CoinDesk
CoinDesk has published an opinion piece by John Rizzo, senior vice president for public affairs at Clyde Group and former senior spokesperson at the U.S. Department of the Treasury, on the recent ruling by the U.S. District Court of the Southern District of New York that the sale of Ripple’s XRP tokens on exchanges and through algorithms does not constitute investment contracts.
“The Securities and Exchange Commission (SEC) recently had a no-good, very bad day because of a district judge’s ruling in the SEC’s action against Ripple’s XRP token…If the ruling holds, we may be witnessing the beginning of the end of SEC Chair Gensler’s regulation-by-enforcement approach to crypto assets, and the end will be messy for those who oppose crypto.”
“While the SEC will most assuredly appeal the district court’s decision, action in the courts will take months and are merely a sideshow to a larger reality, namely, the district court’s ruling. And what great timing as the policy debate in Congress is advancing their legislation to put a regulatory framework around crypto assets.”
“To understand why the policy debate has changed and its import on what rules tokens will be required to abide by, one must consider the long, winding road that crypto policy has traveled.”
