SEC Appeal: Ripple Lawyers Warn of Misstep in Regulatory Showdown
• The US Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13.
• Ripple, on the other hand, has argued that the ongoing case should not be stopped for the appeal to take place, instead both should take place concurrently.
• According to legal expert Greg Beuke, the SEC failed to understand that it did not provide enough evidence to prove that XRP is a security.
SEC’s Motion for Appeal
The United States Securities and Exchange Commission (SEC) filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13. Meanwhile, Ripple and its executives have argued that the ongoing case should not be stopped for the appeal to take place; instead both should take place concurrently.
Legal Expert’s Argument
Greg Beuke, a crypto enthusiast and immigration lawyer, argued that the SEC failed to understand that it did not provide enough evidence to prove that XRP is a security. He further stated that the SEC should have provided more evidence in order to support its arguments that XRP sales on exchanges constituted investment contracts. The SEC didn’t produce any proof of a single XRP holder who said he was relying on Ripple in order increase its price either.
Ripple CTO’s Opinion
Ripple CTO David Schwartz recently explained how this particular court ruling could take another turn if approved by both parties involved. He said: “But there is an exception for unusual cases, and the SEC is arguing that this is one of those unusual cases where an exception should be made and the regular proceedings should stop until the appeal is complete.“ He added: “Ripple is arguing there should be no exception made, and Brad and Chris are arguing that even if the court grants the SEC right of appeal then both proceedings should run in parallel.“
Outcome If Exception Is Made
If an exception is made then things could get tricky as Beuke warned us about what would happen if it happens: „The SEC didn’t try to rebut JohnEDeaton1’s affidavits from #XRPCommunity,“ he pointed out which could mean bad news for them as well as Ripple itself.
In conclusion, this court case between Ripple and US Securities & Exchange Commission still remains unresolved with uncertainty because no one knows whether their motions will be granted or not but one thing we know for sure – whatever happens next will have huge implications in terms of cryptocurrency regulations around world so only time will tell what happens next!