Ripple's top lawyer SECGov suggests SEC's claims on non-institutional crypto sales could face legal challenges
that non-institutional crypto sales may be immune to certain Securities and Exchange Commission claims.
This followed a recent court ruling, which Alderoty highlighted in footnote 20, suggesting the SEC's stance could be significantly subjected to a fair notice defense. This came on the back of a ruling categorically defining Ripple's XRP token as not a security, as per law. Crypto advocate John Deaton also weighed in on the ruling's ramifications. Contrary to many legal interpretations, Deatonthat the court didn't reject the fair notice defense outright. It merely dismissed its applicability to institutional sales. Consequently, defendants might be able to argue fair notice for other types of sales such as secondary sales on exchanges, potentially altering future SEC enforcement actions' trajectory.
Deaton's interpretation was supported by Alderoty, who hailed the decision as a monumental victory for Ripple and the larger cryptocurrency industry. Alderoty acknowledged the court's determination that, by law, XRP isn't a security, along with sales on exchanges and executive sales. The only aspect identified as an investment contract by the court was Ripple's past direct XRP sales to institutional clients.
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