Ripple Chief Legal Officer: Judge Terra's Comments on Ripple Ruling Are Unnecessary, Confusing, and Non-Binding

Odaily Planet Daily News Ripple Chief Legal Officer Stuart Alderoty said on Twitter that the Terra case has no impact on Ripple's ruling. It is reported that Judge Jed Rakoff is responsible for overseeing the SEC's case against Terraform Labs and its founder Do Kwon, and recently opposed New York Judge Analisa Torres' previous ruling on Ripple and XRP. Alderoty stated that Rakoff's opinion on the Terra case did not change the court's previous ruling that XRP was not a security, and Judge Terra's comments on the Ripple case ruling were unnecessary, confusing and non-binding. According to news on August 1, the judge rejected Terraform Labs’ application to dismiss the US SEC’s charges, and at the same time refused to use another judge’s ruling that “Ripple’s sale of XRP to retail investors through exchange intermediaries does not violate securities laws.” Terraform Labs previously filed an application to dismiss the SEC lawsuit, saying the regulator had sufficiently demonstrated its jurisdiction. And cited the principal issue principle, which states that regulators cannot act in areas of great economic or political importance unless Congress steps in. The judge said the crypto industry did not meet the criteria for being economically or politically significant, so Terraform's application could not apply.