Misinterpreting the Ruling
The SEC’s appeal after Judge Analisa Torres’ ruling in favor of Ripple has caused a buzz in the crypto community. However, the SEC seems to have misread the judge’s decision. Judge Torres did not rule that programmatic sales can never be investment contracts, but rather concluded that in this specific case, the programmatic sales of XRP did not fall under the category of investment contracts.
Where the SEC’s Argument Falls Short
Prominent attorney Greg Beuke points out the SEC’s failure to provide concrete evidence to support their stance. Relying on selective statements from Ripple and certain staff members wasn’t enough to validate their claims. Furthermore, the SEC did not present any testimony from XRP holders who expected profits from Ripple’s actions.
A Glimpse into the Appeal’s Future
While the appeal court may initially lean towards the SEC’s claim about XRP’s programmatic sales, Beuke believes that they will ultimately consider Judge Torres’ well-grounded decision and factual evidence. This could weaken the SEC’s position and highlight their failure to meet the burden of proof.
Hot Take
The SEC’s decision to pursue an interlocutory appeal might have been a strategic blunder. By misinterpreting the ruling and failing to provide strong evidence, they risk undermining their own position in the eyes of the court. This could ultimately work in favor of Ripple and the crypto community.
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