Bitcoin News and Finance
Former SEC Official Predicts ‘Big Win’ for SEC in Terra Lawsuit — Expects Continued Rejection of Ripple/XRP Ruling Skip to main content

Former SEC Official Predicts ‘Big Win’ for SEC in Terra Lawsuit — Expects Continued Rejection of Ripple/XRP Ruling

Former SEC Official Predicts 'Big Win' for SEC in Terra Lawsuit — Expects Continued Rejection of Ripple/XRP Ruling

The U.S. Securities and Exchange Commission’s former head of internet enforcement has predicted a “big win” for the SEC in the lawsuit involving Terraform Labs. The ex-SEC official also expects District Judge Jed Rakoff to keep rejecting the ruling by District Judge Analisa Torres regarding Ripple and XRP.

Stark: ‘Expect a Big Win for the SEC’

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared some predictions regarding the regulator’s actions against crypto firms in a lengthy post on social media platform X on Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.

The former SEC official wrote:

Prediction: Expect a big win for the SEC in the SEC/Terra litigation and a gracious (yet scathing) rebuke of the recent SEC/Ripple decision.

Stark noted that both the SEC and Terraform Labs “have now filed dueling summary judgment motions, each seeking an early victory about whether crypto tokens are securities.”

In the SEC lawsuit against Terraform Labs and its co-founder Do Kwon, Judge Jed Rakoff of the United States District Court for the Southern District of New York (SDNY) rejected District Judge Analisa Torres’ ruling regarding Ripple and XRP. “The court rejects the approach recently adopted by another judge of this district in a similar case, SEC v. Ripple Labs Inc.,” Judge Rakoff said in August.

The former SEC internet enforcement chief continued:

My take is that famed securities law expert Judge Jed Rakoff, who is presiding over the SEC/Terra matter, is chomping at the bit to (politely) label the Ripple decision by fellow SDNY Judge Analisa Torres as both aberration and abhorration.

Stark believes that for SEC lawyers, Judge Rakoff is “arguably considered the most respected and experienced securities law jurist not only in the SDNY but perhaps in the entire U.S. federal court system.” The ex-SEC internet enforcement chief concluded:

The stark reality is that Judge Rakoff already repudiated and spurned Judge Torres’s decision and it seems inevitable that he will do so again, not just at the summary judgment phase, but also anytime in the future when addressing the application of securities laws to digital assets.

What do you think about the predictions by former SEC internet enforcement chief John Reed Stark? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory