Neel Maitra, a former fintech and crypto expert at the US Securities and Exchange Commission (SEC), recently provided insights into the ongoing legal battle between the regulator and Ripple Labs. Speaking at MicroStrategy’s Bitcoin For Corporations event, Maitra discussed the legal complexities involved in regulating the crypto industry, with a focus on the Ripple case.
Maitra highlighted the divergent legal opinions surrounding the classification of secondary trading of cryptocurrencies, specifically Ripple’s native token, XRP. He pointed out that three of the relevant judges in this case were unable to agree on how to handle this type of crypto trade. This disagreement among judges in the Southern District of New York underscores the evolving nature of cryptocurrency regulation.
Maitra also predicted that the Ripple vs SEC case will likely reach the second circuit and potentially go even further. He emphasized that there is still much to be done regarding this decision, as well as with Coinbase.
In a separate development, legal experts supportive of XRP are predicting that Ripple will lose its latest court motion in the ongoing lawsuit with the SEC. Attorney Jeremy Hogan expressed his belief that the SEC will win this motion, even if the court considers the witness to be an “expert.” He expects the court to allow Ripple to depose the witness instead of attacking their credibility.
These predictions came after Ripple filed a letter seeking additional support for its motion to eliminate new specialized materials. This was in response to the SEC’s opposition to the motion. Attorney James K. Filan shared this update.
It is important to note that the views expressed in this article, whether from Neel Maitra or the legal experts, are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.