- The Chamber of Digital Commerce (CDC) has released an “impact and analysis” report on the SEC’s lawsuit against Ripple, emphasizing the case’s significance for the future of the cryptocurrency industry.
- The CDC has expressed its approval of Judge Analisa Torres’s ruling in the Ripple case, which distinguishes between an investment contract and the underlying asset, marking a notable advancement in crypto regulation.
The Chamber of Digital Commerce (CDC), a leading U.S. advocacy group, has unveiled a comprehensive analysis report on August 1, offering a deep dive into the SEC’s lawsuit against Ripple and its verdict’s far-reaching effects on the cryptocurrency industry.
In the CDC’s estimation, Judge Analisa Torres’s ruling has set a critical precedent in the domain of digital currencies. Her judgement has managed to make a clear distinction between an investment contract and the underlying asset – a shift that heralds a new phase in the world of crypto regulation.
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The CDC report meticulously examines Judge Torres’s classification of Ripple’s XRP token distributions into three categories: institutional sales, programmatic sales, and other distributions. This involved a thorough application of the ‘Howey Test’ to ascertain if these distributions constituted an offer and sale of investment contracts.
The CDC has welcomed this ruling, which concurs with their position as elucidated in their amicus brief supporting Ripple. This marks a triumph for their advocacy efforts. CDC’s founder and CEO, Perianne Boring, highlighted the ruling’s significance in setting precedents for future legal skirmishes in the crypto sector.
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Boring emphasized the necessity of an equitable playing field in the digital asset arena and CDC’s relentless commitment to promoting policies fostering U.S. leadership in the digital economy. While Judge Torres’s ruling is seen as a stride towards sensible crypto regulations, the CDC is firm in its belief that lasting regulatory clarity can only be achieved via effective legislation enacted by Congress.
Despite the introduction of numerous blockchain and digital asset regulatory bills in the House and Senate, the CDC voiced concerns over their enactment, largely owing to the restrictions imposed by the legislative calendar.
Nevertheless, despite these challenges, the CDC continues to champion a comprehensive legal framework for digital assets, fostering an environment conducive for the launch of digital asset products. Earlier in February, the CDC criticized the United States Securities and Exchange Commission for overstepping its authority and arbitrarily labelling crypto assets as securities in its insider trading lawsuit against former Coinbase employees.
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