The SEC Reopens Legal Battle Against Ripple: What You Need to Know
The United States Securities and Exchange Commission (SEC) has been granted permission to file a new appeal against Ripple, the crypto firm behind XRP cryptocurrency. This comes after Ripple secured a partial victory in July in its case against the SEC. The appeal will focus on Ripple’s programmatic sales and direct sales and offerings of XRP tokens. The SEC will have until September 1 to develop its argument. Ripple’s CEO, Brad Garlinghouse, and Chief Learning Officer, Stuart Alderoty, have publicly opposed the SEC’s appeal motion, stating that XRP is not a security.
Key Points:
- SEC granted permission to file an appeal against Ripple
- Appeal focuses on Ripple’s sales and offerings of XRP tokens
- SEC has until September 1 to develop its argument
- Ripple’s CEO and Chief Learning Officer publicly oppose the appeal
- Ripple maintains that XRP is not a security
SEC Regulator Criticizes Judge Ruling
The SEC’s decision to file an interlocutory motion is not surprising, as the regulatory body has previously criticized Judge Torres’s ruling in the XRP case. The SEC has questioned the alignment of the ruling with legal principles and stated that it was “wrongly decided.” The regulator believes that the case requires a higher review and better clarification from higher judicial authorities to ensure adherence to established laws and legal principles.
Key Points:
- SEC criticizes Judge Torres’s ruling in the XRP case
- Regulator questions the ruling’s alignment with legal principles
- SEC believes the case requires a higher review for better clarification
- Regulator seeks adherence to established laws and legal principles
Hot Take: SEC’s Appeal Could Spell Trouble for Ripple
The SEC’s decision to file an appeal against Ripple indicates that the legal battle between the two parties is far from over. While Ripple had secured a partial victory, this new development poses a potential threat to the company. The outcome of the appeal will determine the future classification of XRP and its status as a security. Ripple’s CEO and Chief Learning Officer strongly oppose the SEC’s appeal, maintaining that XRP is not a security. The resolution of this ongoing legal battle will have significant implications for the crypto industry as a whole.
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