- In its proceedings against Ripple and Terrform Labs, the U.S. SEC claimed it was not challenging whether the underlying assets were inherently securities.
- The regulator claimed that the outcome of the Ripple case would have an impact on its other legal disputes, hence it was necessary to appeal.
- Due to the recent market conditions, XRP’s price fell more than 20% during the past week, reverting to $0.50 levels.
In its lawsuit against Ripple and Terraform Labs, the U.S. Securities and Exchange Commission (SEC) acknowledged that the underlying assets did not necessarily qualify as securities.
However, because it can have an impact on its other legal battles, it plans to appeal the judge’s decision in its case against Ripple, a cryptocurrency payment company.
The regulator stated in its move for interlocutory appeal that its main issue all along wasn’t whether the XRP
Interlocutory Appeal Motion
The complaint states:
“The SEC did not argue here or in Terraform that the asset underlying those investment contracts were necessarily a security (and the SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value).”
The SEC insists that the court certify an order for an interlocutory appeal even though it does not contest the legality of cryptocurrencies and claims that it satisfies all of the prerequisites for such an appeal.
The regulator claims that crucial legal issues are at stake in the court decision in the Ripple case. It was mentioned that the ruling might have an impact on many other SEC lawsuits, such as the ones against Coinbase and Binance.
Stay in the know on crypto by frequently visiting Crypto News Today
Additionally, it stated that there was a strong basis for disagreement among the parties and specifically used the ruling in the Terraform Labs case to support its claim. The SEC thinks that other impartial courts might reach a different conclusion regarding the legality of programmatic sales and other distributions.
The SEC made this point in its third justification for why an order of interlocutory appeal should be approved. A future appeal would only be delayed if it weren’t filed now until after the verdict.
CryptoCaster Quick Check:
In the interim, SEC is also requesting a stay of remedies and any pretrial proceedings while the appeal is being decided. The motion is subject to a response from Ripple by September 1.
XRP Price Action
The SEC admission has drawn more attention from the XRP community than the chance for an appeal. Cryptocurrency attorney John Deaton claimed that because their amicus brief requested that the judge include that in the judgement, the asset holders were to blame for the regulator’s acquiescence.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
