Fox Business Attacks XRP Again; Sr. Correspondent Calls XRP Ruling A "Twisted Logic"
Confusing Language in the XRP Ruling
According to Gasparino, the language used in the verdict presented a ‘twisted logic’ which he claimed “gave crypto to worse of all worlds.”
(1/2) Just read Judge Torres’s @Ripple for a second time; the twisted logic gave crypto to worse of all worlds. To delineate between an exchange sale and an institutional sale turns logic and securities law on its head. The best outcome for crypto would be a ruling that XRP is
— Charles Gasparino (@CGasparino) July 17, 2023
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Must ReadGasparino specifically faulted the delineation between XRP sales on crypto trading platforms and the sales of the same asset to institutional investors. In the ruling, Judge Analisa Torres said the secondary sales of XRP on exchanges does not constitute a security while those sold to institutional investors may be described as such.
To Gasparino, this discrepancy is like turning ‘logic and securities law on its head’. The top media personality believes it would have been more favorable for XRP if the verdict had been whether or not the asset is a security.
Additionally, Gasparino was also not at peace with the way Judge Torres presented the verdict, which said the asset isn’t “in of itself” a security. He believes this presentation opens up a lot of gray areas that are not ideal for an industry that needs regulatory clarity so much.
Gasparino has been known to be very critical of the XRP community, especially with how the case has played out thus far. As reported earlier by Coingape, Gasparino recently referred to the XRP community as a cult, a tag that shows his negative leaning toward the community.
Gasparino May Have a Point
The reaction of the community to Gasparino’s latest tweet was filled with skepticism with some believing there might be a point in his words.
This is because the US Securities and Exchange Commission (SEC) may choose to exploit these gray areas should it choose to appeal the initial verdict of Judge Torres. This possibility implies that the XRP lawsuit is far from over and should the case progress some more, the tides may shift to either that of the markets regulator or the blockchain payments firm, Ripple Labs Inc.