As the cryptocurrency market awaits the official closure of the legal battle between the US Securities and Exchange Commission (SEC) and Ripple, people close to the case have weighed in on the latest court decision that denied the regulator’s request for an early appeal .
Specifically, attorney Bill Morgan argument that the SEC had “lost a lot” and continued to make its job harder in other cases, especially against cryptocurrency companies, by insisting that XRP was a security, in a series of posts shared on October 4th.
The lost battle of the SEC
As Morgan explained:
“The SEC lost a lot. It lost on all three elements it needed to satisfy the certification test for an interlocutory appeal,” as “the court determined 1. that there was no controlling question of law; 2. there were no substantial reasons for differences of opinion (…); 3. An interlocutory appeal would not materially advance the SEC’s final termination of a total loss on all elements. “Totally destroyed.”
According to him, “the SEC is certainly helping to solidify the (Judge) Torres decision as a precedent for the argument that there can be different categories of sales and different classes of reasonable buyers (institutional buyers versus retail buyers through programmatic sales) with different expectations.”
As a legal expert aggregate:
“That could make the SEC’s job and evidentiary burden more difficult in other cases, especially against crypto exchanges. They gorged themselves. But keep pushing him, Gary Gensler, and let’s see where he ends up.”
That said, Morgan also he pointed that the SEC had managed to accomplish one thing: “instill in probably millions of people in the US and around the world in crypto a deep distrust and antipathy toward it and the belief, rightly or wrongly, that it has some corruption in it.” . “That takes an effort.”
At the same time, Stuart Alderoty, expert in regulatory affairs and complex litigation and legal director of Ripple. stressed that “the Court’s July 13 ruling (that retail sales of XRP were not sales of securities) was, and remains, the law of the land. “XRP is not a security.”
Meanwhile, the 52% over the previous week and an increase of 3.85%. in the last 30 days, according to the latest data retrieved by Finbold on October 6.
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