Ripple’s case has been appealed by the SEC.
Securities regulator is trying to reverse 2023 decision that determined Ripple’s retail sales were not unregistered offerings. Federal Judge Analisa Torres ruled that the blind/programmatic sale of XRP on exchanges did not violate US securities law.
“The district court erred both factually and legally in concluding that defendants’ offers and sales of XRP to public buyers who purchased on crypto asset trading platforms,” The SEC’s opening brief was filed last night.
Ripple’s XRP tokens are not from Ripple or third-parties. They were sold by Ripple as if it was. “reasonable expectations of profits” SEC says that cryptocurrency is not a safe investment. Ripple’s “public marketing campaign…specifically engaged ‘less sophisticated’ investors,” Addition of the regulator
Ripple’s chief legal officer Stuart Alderoty rejected the SEC claims by writing in X, that the brief was nothing more than “a rehash of already failed arguments.”
Alderoty also added that new leadership is expected at the SEC. “abandon” The case as a whole
This last point is less certain. I am not sure that SEC will dismiss this case immediately after Trump’s inauguration and Gary Gensler’s departure. Any decisions made by Commissioners Hester Uyeda and Mark Uyeda in the near future (before three more commissioners have been appointed and confirmed), will be subject to intense legal scrutiny.
It’s much more likely that commission voting will resume when there are three commissioners.
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