Lawyers for SEC Likely to Appeal Ripple Decision in Ongoing Enforcement Case
The lawyers representing the Securities and Exchange Commission (SEC) have indicated that they will likely appeal portions of the recent decision in the agency’s case against Ripple Labs. In a filing to the U.S. District Court for the Southern District of New York, the lawyers argued that the Ripple decision was wrongly decided and should not be followed. They stated that the SEC is considering various avenues for further review and intends to recommend seeking such a review. The lawyers also highlighted that the decision on XRP sales not being considered securities offerings may be appealed.
Key Points:
- The SEC lawyers argue that the Ripple decision was wrongly decided and should not be followed.
- The SEC is considering further review and intends to recommend seeking such a review.
- The lawyers highlight the possibility of appealing the decision on XRP sales not being considered securities offerings.
- The Ripple decision is relevant to ongoing civil enforcement cases, including the case against Terraform Labs and its former CEO Do Kwon.
- The SEC lawyers contend that the Ripple decision creates an artificial distinction between institutional and retail investors.
If an appeal is filed in the Ripple case, it would go to the Second Circuit Court of Appeals.
Hot Take:
The SEC’s intention to appeal the Ripple decision in an ongoing enforcement case highlights the significance of the decision and its potential impact on the definition of securities offerings. The outcome of the appeal could provide further clarity on the regulatory treatment of cryptocurrencies and their sales. It also underscores the ongoing debate and challenges faced by regulators in addressing the evolving crypto landscape.
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