The United States Security and Exchange Commission (SEC) has recently made an official statement that Judge Analisa Torres made a mistake in her ruling in favor of Ripple and XRP last week, indicating its readiness to appeal the decision.
It can be recalled that last week, Judge Torres ruled that relatively half of Ripple’s sales of XRP over the years are not investment contracts. According to SEC’s latest claim, the verdict has boosted the hope of other defendants fighting in similar cases.
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As TimesTabloid earlier reported, the legal team representing Terraform Labs and Do Kwon, the founder of the imploded Terra blockchain, invoked the recent victory recorded by Ripple and XRP against the SEC to support their bid for the dismissal of the regulatory agency’s lawsuit over Terra collapse.
As shared in a tweet moments ago, James K. Filan, a defense lawyer, and former federal prosecutor, SEC is currently considering a review of the groundbreaking XRP victory.
James K. Filan tweeted, “In the SEC v. Terraform Labs/Do Kwon case, the SEC has filed a pleading discussing Judge Torres’s decision in SEC v. Ripple in which it states that “SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”
#XRPCommunity #XRP In the SEC v. Terraform Labs/Do Kwon case, the SEC has filed a pleading discussing Judge Torres’s decision in SEC v. Ripple in which it states that “SEC staff is considering the various available avenues for further review and intends to recommend that the SEC…
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) July 21, 2023
Details into What Is Moving SEC to Appeal XRP Victory
Do Kwon, the imprisoned co-founder of Terraform Labs, is one of the defendants attempting to leverage Torres’s decision to defeat the securities regulator.
The SEC charged Kwon with fraud and other legal violations in a complaint filed in Manhattan federal court in February.
According to the SEC in its statement, the Judge in Kwon’s case should not cite the Ripple case as a precedent. The agency claimed that Torres’ decision “adds unfounded requirements” to testing when an asset is a security, which would lead to the appeal of the judgment.
The SEC legal team further stated that the decision was “impossible to reconcile with all these core securities law principles.”
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