{"id":40179,"date":"2024-10-25T13:09:57","date_gmt":"2024-10-25T13:09:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripple-escalates-sec-battle-submits-cross-appeal-on-xrp-ruling\/"},"modified":"2024-10-25T13:09:57","modified_gmt":"2024-10-25T13:09:57","slug":"ripple-escalates-sec-battle-submits-cross-appeal-on-xrp-ruling","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripple-escalates-sec-battle-submits-cross-appeal-on-xrp-ruling\/","title":{"rendered":"Ripple Escalates SEC Battle, Submits Cross Appeal on XRP Ruling"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Ripple Labs filed a Civil Appeal Pre-Argument Statement, or Form C, on October 25, marking a formal step in the company\u2019s legal battle with the U.S. Securities and Exchange Commission (SEC). This document presents Ripple\u2019s defense of its XRP token\u2019s institutional sales case against the Southern District of New York\u2019s previous ruling. Targeting important legal issues, the appeal<\/a> asks the court to reconsider its earlier rulings.<\/p>\n

Grounds for Appeal; Application of the Howey Test<\/strong><\/h2>\n

One central issue Ripple disputes is the district court\u2019s application of the Howey test to XRP transactions. Ripple argues that the court misinterpreted its XRP offerings as a traditional \u201cinvestment of money in a common enterprise with a reasonable expectation of profits\u201d<\/em> solely from Ripple\u2019s actions. This interpretation, Ripple claims, is a misfit for the nature of digital asset sales, particularly XRP, where expectations and responsibilities differ from conventional investments.<\/p>\n

Ripple\u2019s Chief Legal Officer Stuart Alderoty<\/a> emphasized on X (formerly Twitter) that the appeal questions the legal basis on which XRP\u2019s sales were evaluated, not XRP\u2019s classification as a security. He explained, \u201cThe Appeals Court reviews the record that has already been set\u2026and we have a great record.\u201d<\/em> Ripple\u2019s position asserts that the review should focus on the existing legal record without the need for new evidence.<\/p>\n

Ripple also raised issues concerning fair notice, contending that the SEC\u2019s guidance on digital assets remains inconsistent and unclear. The lack of precise regulatory direction, Ripple claims, has disadvantaged crypto firms, leaving them in a regulatory gray area. This, Ripple argues, infringes upon their rights, as firms should be able to anticipate regulatory standards with a degree of confidence.<\/p>\n

\n
\n
\n
\n
\n
Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of up to $2,500<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Additionally, the appeal challenges whether an investment contract requires enforceable obligations, suggesting that the court\u2019s interpretation of XRP as a security mischaracterizes its structure. Ripple\u2019s filing argues that the SEC\u2019s approach imposes unnecessary restraints that conflict with Section 5 of the SEC Act of 1933.<\/p>\n

Ripple\u2019s Form C follows a similar filing from the SEC on October 18, where the SEC requested a review of XRP\u2019s sale on exchanges and transactions by Ripple executives. Alderoty commented that this case represents a broader struggle for regulatory clarity in the crypto space, asserting, \u201cThe SEC is trying to create distraction and confusion.\u201d<\/em><\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Ripple Labs filed a Civil Appeal Pre-Argument Statement, or Form C, on October 25, marking a formal step in the company\u2019s legal battle with the U.S. Securities and Exchange Commission (SEC). This document presents Ripple\u2019s defense of its XRP token\u2019s institutional sales case against the Southern […]<\/p>\n","protected":false},"author":35,"featured_media":40180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40179"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40179"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40180"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}