Judge Torres’ Potential Denial of the SEC’s Appeal
In a recent court filing, the SEC appealed against the judge’s ruling on Ripple’s programmatic sales of XRP. The SEC is urging Judge Analisa Torres to grant a federal appeals court the opportunity to review her decision. Former attorney Scott Chamberlain speculates that Judge Torres might reject the SEC’s appeal due to her cautious approach of avoiding new legal interpretations.
Chamberlain’s Analysis of Judge Torres’ Position
According to Chamberlain, Judge Torres has consistently refrained from introducing new legal perspectives. She determined that the token in question isn’t a security and accepted the SEC’s grouping of transaction “buckets” for analysis. She directly applied the Howey test and its associated principles to the specific transaction categories outlined by the SEC.
Reasons for the SEC’s Setback
The SEC’s case faced challenges because the agreed-upon factual evidence failed to meet all the requirements of the Howey test for two of the three transaction buckets selected by the SEC. This setback was not due to any alteration in Judge Torres’ understanding of the legal requirements for these elements.
Hot Take
If Judge Torres denies the SEC’s appeal, it would be consistent with her cautious approach of avoiding new legal interpretations. This could potentially be a significant blow to the SEC’s case against Ripple and their programmatic sales of XRP.
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