The SEC Appeals Judge’s Ruling in Ripple v. SEC Lawsuit
The United States Securities and Exchange Commission (SEC) has announced that it will file an interlocutory appeal against the judge’s ruling in the Ripple v. SEC lawsuit. The SEC is asking Judge Analisa Torres to allow a federal appeals court to review her decision regarding the sale of Ripple’s XRP token, which she deemed compliant with securities laws.
Main Breakdowns:
- The SEC argues that the ruling has “substantial ground for differences of opinion” and that the outcome of the appeal would have “special significance” for its ability to enforce securities laws.
- Pro-XRP attorney John Deaton counters the SEC’s argument, stating that it is “extremely weak” and pointing to the precedent set by the Rakoff decision in the Terra case.
- Deaton argues that the SEC’s concern about the impact of Torres’ ruling on other similar lawsuits is weak, as the Rakoff decision proves that a District Court Judge can clearly distinguish between different cases.
- Deaton suggests that accepting the SEC’s argument could set a precedent for governmental agencies to use the same reasoning every time they face a loss in a lawsuit.
Hot Take:
John Deaton’s insightful response highlights weaknesses in the SEC’s stance in the Ripple v. SEC lawsuit. It will be interesting to see how the SEC’s appeal is ultimately decided.
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