SEC Appeal Against Ripple Ruling; Mark Cuban, Coinbase CLO Points Outlying
XRP News: U.S. Securities and Exchange Commission (SEC) in the recent court filings against Terraform Labs and Do Kwon suggested that an appeal would be filed opposing the XRP lawsuit judgment. The commission believes that federal judge Analisa Torres did a mistake in the landmark ruling for the crypto market.
Also Read: XRP Attorneys Respond As SEC Denies Torres Doctrine
SEC Unable To Present One Case To Defend Itself
According to court filings, SEC stated that its staff is considering the various available avenues for further review and intends to recommend a review in the XRP lawsuit ruling. It added Ripple’s reasoning seems to be impossible to go with all of the fundamental securities laws principles.
Chief Legal Officer for Coinbase, Paul Grewal took cognizance of the SEC court fillings in the Do Kwon case. He mentioned that the commission has been unable to cite any case in which the level of the Howey Test varies based on the nature of the investors at issue.
He added that the SEC has never been able to present on case based on its assumptions in the past and once again they want to argue policy over the law as it is. However, Coinbase, the U.S. biggest crypto exchange is also facing major legal action from the SEC. It is alleged that Coinbase neglected securities and trading laws. Read More XRP News Here…
Appeal Against Ripple Ruling A Good Option?
Over this assumption presented by SEC, Billionaire investor Mark Cuban highlighted that the commission is referring to every buyer as an investor. Meanwhile, this is not the case and Ripple made that clear anyway.
Cuban stated that Securities have just one purpose and that is to be a security. For DeFi or CEX buyers, it becomes impossible to identify why a buyer is buying. However, it is possible to look at the blockchain and check the transactions based on the use of the token.
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