John Reed Stark, former official of the Securities and Exchange Commission (SEC), provided a detailed analysis of Judge Torres’ recent decision in the Ripple case.
Many have interpreted the denial of the SEC’s appeal request as a victory for Ripple, but Stark points to potential challenges ahead.
More challenges
Stark emphasized that there is a possibility that the regulator will launch a successful appeal after the trial.
He praised attorney John Deaton and the XRP community for challenging the SEC’s actions, but maintained his belief that these defense strategies might not affect the final outcome.
He cautioned attorneys against citing Judge Torres’ decision as precedent, suggesting that doing so could risk committing an ethical violation given that the judge has clearly stated that her decision should not serve as a general precedent.
Earlier this week, the court rejected the SEC’s request for an interlocutory appeal, resulting in a victory for Ripple. However, as U.Today reported, legal experts believe an appeal is still possible once the trial concludes.
Alderoty’s response
Stuart Alderoty, General Counsel at Ripple, answered to Stark’s comments, noting that XRP and Bitcoin could be the only digital assets with legal clarity.
In his response, Stark acknowledged Alderoty’s perspective and acknowledged what is at stake for XRP holders. He once again emphasized his belief that the decision could be overturned and shared articles explaining his stance on the SEC’s cryptocurrency enforcement program.
The former SEC official also admitted his admiration for the defense’s tactics, citing his previous criticism of the SEC’s practices.
