The Legal Battle Between SEC and Ripple: Latest Developments
The SEC is seeking to appeal Judge Analisa Torresβ ruling on Rippleβs programmatic sale of XRP and other distributions. This comes after conflicting judgments between Judge Torres and Judge Jed Rakoff in the Terra case.
Main Breakdown:
- The SEC is requesting an appeal against Judge Torresβ ruling on Rippleβs XRP sales.
- Judge Torres distinguished between sales to institutional and retail investors, ruling that sales to institutional investors constituted securities.
- Judge Rakoff rejected Judge Torresβ reasoning and denied Terraβs motion to dismiss the SECβs case against them.
- The SEC is using Judge Rakoffβs rejection as grounds to request an interlocutory appeal in the Ripple case.
- Opinions are split on whether Judge Torres will grant the SECβs request, but the SEC is prepared to appeal the final judgment if necessary.
Hot Take:
The legal battle between the SEC and Ripple continues to intensify, with the SEC now seeking an appeal against Judge Torresβ ruling. This raises questions about the classification of XRP sales and the application of the Howey test. The outcome of the appeal could have significant implications for Ripple and the broader cryptocurrency industry.