Fox reporter Eleanor Terrett took to Twitter earlier today to share the Chamber of Digital Commerce’s latest analysis and impact report on the Ripple ruling. The chamber expressed its satisfaction at seeing that the Court’s interpretation of the issues surrounding the legal classification of digital assets aligned with the arguments outlined in its amicus brief.
🚨NEW: @DigitalChamber has written an analysis and impact report on the #Ripple ruling.
“Judge Torres’ ruling establishes an important legal decision by properly distinguishing between an investment contract and the underlying asset.”https://t.co/bhWhdeEkTS
— Eleanor Terrett (@EleanorTerrett) August 2, 2023
Sharing her views with the public, Perianne Boring, CEO and Founder of The Chamber of Digital Commerce said, “This case is a big milestone in the process of setting clear and consistent sets of rules for our industry, and we are also encouraged by the legislation also in play.” She also added that the digital asset industry deserves a level playing field and the chamber would continue to advocate for sound policy that promotes U.S. leadership in the digital economy.
The Chamber reiterates that in its brief, it had argued that the subject of an investment contract, a digital asset, is separate from the investment contract itself. And so the subject of the investment contract would not inherently be a security. This is in conjunction with Judge Analisa Torres’ verdict wherein she stated that the subject of the investment contract was a standalone commodity. And that this was not itself inherently an investment contract.
Moreover, the Chamber also revealed what many had already suspected — the SEC is thinking of an appeal. However, the chamber believes that no matter what the outcome, the decision in the case led to major crypto exchanges reintroducing trading of XRP, and so has been a huge win for Ripple.
The Chamber has also called for comprehensive and effective legislation so that the crypto industry could function with regulatory clarity. “Just as in our SEC vs. Ripple Brief, we will continue to work toward a clear route for firms to launch digital asset products, prioritizing both investor protection and innovation.”
