FOX Business senior correspondent Charles Gasparino criticizes the US Securities and Exchange Commission for its handling of the Ripple lawsuit and suggests the case could be dismissed.
Gasparino shared this sentiment in his recent appearance on the POMP Podcast. The prominent journalist described the securities agency’s handling of the Ripple lawsuit as a gross exaggeration.
In his view, the lawsuit is due to unclear regulations for the US crypto industry and has pushed Ripple’s innovative payment technology abroad.
Gasparino criticizes Ripple ruling
Although he criticized the SEC, he also called Judge Analisa Torres’ decision in the lawsuit “idiotic.” The judge issued her decision in three categories: programmatic distribution, other distribution and institutional distribution.
While the judge explained that Ripple violated the law by selling XRP to US institutional customers, she emphasized that programmatic sales and other distributions of the token are not investment contracts.
In his reaction, Gasparino said the ruling sets a precedent in which institutional clients receive more disclosure than retail investors. According to him, this priority tends to weaken the protection of retail investors in the United States.
Possible outcome of the Ripple case
There is now speculation that the re-election of Donald Trump as the 47th US President could significantly influence the outcome of the current appeal process.
Notably, Gasparino shares this opinion and suggests that the SEC’s approach to the case could change due to a change in administration, particularly the Trump presidency and the appointment of a cryptocurrency proponent…
