CandleFocus Cardano Creator Speaks Out on 'XRP Case' Appeal: New Crypto Test Incoming?
2024-10-03
Author: Content Editor
The US Securities and Exchange Commission (SEC) has officially appealed its case against Ripple following a ruling that ordered Ripple to pay a $125 million civil penalty, significantly less than the $2 billion requested by the SEC. Ripple's Chief Legal Officer expressed disappointment with the SEC's decision, stating that the lawsuit was irrational and misguided. The founder of Cardano, Charles Hoskinson, jokingly suggested that the ongoing Ripple case could potentially replace the Howey Test, the legal precedent used to determine whether certain transactions qualify as investment contracts. Many in the industry view the Ripple case as a crucial moment for establishing clarity on the regulations surrounding digital assets and believe it could set new standards in securities law for the crypto market.
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