On August 1, the Digital Chamber of Commerce (CDC), a US body for the protection of blockchains and digital assets, released a full report on the lawsuit filed by the US Securities and Exchange Commission (SEC). against Ripple. The report “SEC v. Ripple Decision: Impact and Analysis” analyzes the case’s decision, stress has profound consequences for the future of the industry.
According to the report, Judge Analisa Torres’ decision, basic precedent, distinguish between an investment contract and an underlying asset.
The report examines Torres’ classification of XRP token distributions (XRP) divides Ripple into three classes: institutional sales, programmatic sales, and other distributions. He applied the Howey test to determine whether these distributions constitute a supply and sale of investment contracts.
The CDC stated that it approved the decision in accordance with the amicus document supporting Ripple. Perianne Boring, founder and CEO of CDC, drew attention importance of the decision in setting a precedent for future legal meetings in the cryptocurrency industry.
Boring highlighted the importance of a balanced environment in the digital assets sector and the group’s commitment to support US leadership policies in the digital economy. While Judge Torres’ decision is a step towards consistent regulation of cryptocurrencies, the CDC is adamant about it. Full regulatory clarity can only come from an effective legislature by Congress.
CDC acknowledges that various blockchain and digital asset laws have been introduced in the US House and Senate; however, he expresses his uncertainty about the promulgation of these bills, mainly due to the constraints imposed by the legislative calendar.
Despite the challenges, the CDC continues to advocate for a comprehensive legal framework for digital assets and helps create an environment conducive to the launch of digital asset products. In February, the CDC accused the SEC of having abused that he has authorized and unfairly labeled crypto-assets as securities. in the insider trading lawsuit against former Coinbase employees.
Translation of Walter Rizzo