Marc Fagel opens up on SEC’s stance on interlocutory appeal
In a recent discussion, former SEC official Marc Fagel shed light on why the SEC is pushing for an appeal in the Ripple case. Fagel highlighted two important points. Firstly, the SEC is concerned about the impact the Ripple ruling could have on its broader regulatory program against exchanges. If the ruling only affected issuers of securities-related assets, the SEC might have pursued a different strategy. Secondly, Fagel mentioned that this appeal is also an ego war for the SEC, considering Gary Gensler’s upcoming hearing.
Binance pushes for dismissal
Binance has capitalized on the situation by filing a motion to dismiss the SEC’s case against them. Pro-XRP lawyer Bill Morgan revealed that Binance cited the Ripple ruling as a precedent, arguing that Ripple’s sales of XRP were blind bid/ask transactions and not investment contracts. This move by Binance demonstrates how crucial the Ripple ruling is for other crypto-related companies. Attorney Morgan questioned whether Binance’s argument influenced the SEC’s decision to pursue an interlocutory appeal, and Fagel confirmed that the Ripple ruling challenges the SEC’s regulatory framework for exchanges.
SEC’s parallel concerns
The SEC shares similar concerns and implications as a result of the Ripple ruling. The court’s decision on programmatic sales could have significant consequences for their ongoing litigations against Coinbase and Binance. That’s why they are pushing for an interlocutory appeal to address these concerns.
John Deaton’s strong intuition
Many are eagerly awaiting the court’s ruling on the SEC’s request for an interlocutory appeal. John Deaton, founder of Crypto-Law.US, predicts that the court will deny the request, potentially leading the SEC to file a full appeal next year. Meanwhile, XRP’s market performance has remained relatively stable, with prices hovering around the $0.50 support level.
Hot Take: Ripple ruling challenges SEC’s regulatory framework for exchanges
The ongoing legal battles involving Ripple Labs, Coinbase, and Binance have become significant issues within the crypto community. The recent Ripple ruling has raised concerns for the SEC’s broader regulatory program against exchanges. By appealing the decision, the SEC aims to protect its regulatory framework and maintain control over the crypto industry. However, Binance’s strategic move to use the Ripple ruling as a precedent complicates matters for the SEC. The court’s upcoming ruling on the interlocutory appeal will have far-reaching implications and may shape future litigation involving Coinbase and Binance. As the crypto community awaits the outcome, XRP remains stable, but all eyes are on how these legal battles will ultimately impact the industry.
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