While XRP community and most proponents of cryptos were in celebratory mode, voices criticizing the ruling began to emerge.
John Reed Stark, ex-official at the U.S. Securities and Exchange Commission , voiced his concerns and took toto point out fundamental flaws with the verdict. Mincing no words, the former executive said,
“The decision resides on shaky ground, is likely for appeal, will likely result in reversal and is not necessarily a cause for celebration.” Stark raised objections to the distinction made between institutional investors and retail investors when it came to extending SEC protections and remedies. For context, the ruling had mentioned that XRP is a security when it’s sold to institutional investors but not to the general public.
Secondly, he questioned the logic behind exempting token sales through exchanges from securities law. The assumption that retail buyers were ignorant and didn’t know anything about the crypto-issuer was “not only patronizing but just plain insulting”, as per Stark.Furthermore, he disputed the notion that retail investors could not have known about Ripple’s intentions. The official argued that they had access to the same information as institutional investors.
It remains to be seen what will be the next plan of action adopted by SEC. As per an earlier report by
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