SEC v Ripple Case Update
This update provides information on the recent developments in the SEC v Ripple case, focusing on the SEC’s motion for the court to certify an interlocutory appeal of two Ripple rulings regarding XRP.
- The SEC has filed a motion requesting the court to certify an interlocutory appeal of two rulings in its July 13, 2023 order on summary judgment.
- The first ruling pertains to the argument that Ripple’s offers and sales of XRP over crypto asset trading platforms did not lead investors to expect profits from the efforts of others.
- The second ruling concerns Ripple’s distribution of XRP as a form of payment for services and whether it qualifies as an investment of money.
- The SEC believes that an immediate appeal is warranted due to the significant legal questions involved and the potential impact on the termination of the litigation.
- Ripple has until September 1 to file its response, and the SEC must file its reply, if any, by September 8.
Ripple, along with its CEO Brad Garlinghouse and co-founder Chris Larsen, has opposed the SEC’s request for an interlocutory appeal. Ripple’s chief legal officer, Stuart Alderoty, argues that there are no extraordinary circumstances justifying an appeal before resolving all issues involving all parties.
Hot Take
The SEC’s motion for an interlocutory appeal in the SEC v Ripple case highlights the contentious legal issues surrounding the classification of XRP and its distribution by Ripple. While the SEC seeks to establish its position, Ripple and its executives are pushing for a resolution of all issues before an appeal. This ongoing battle reflects the significance of the case for the cryptocurrency industry and its potential implications on regulatory frameworks.
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