Judge Katherine Failla’s decisions in the Coinbase Vs US SEC lawsuit were significant developments for both parties and on the crypto regulatory front. However, the ruling was a partial but big win for the SEC. Former SEC enforcement chief John Reed Stark highlights Judge Failla completely disagreeing with Judge Torres’ ruling in the Ripple Vs SEC that secondary sales of XRP can’t be investment contracts or unregistered securities.
Meanwhile, the SEC has asked the court to grant a final judgment against Ripple and penalties and fines of nearly $2 billion for violation of federal securities law.
Ex-SEC Contradicts Judge Torres Ruling in XRP Lawsuit
John Reed Stark, former chief of the SEC Office of Internet Enforcement, in a post on X said the major blow to Coinbase and Ripple was Judge Failla completely rejected Judge Torres’ reason in the Ripple decision that secondary sales can’t be investment contracts because the purchaser doesn’t know who they are buying from.
Judge Fa
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