Ripple makes follow-up advisors against the decision of the SEC for the institutional XRP sale
Ripple makes follow-up advisors against the decision of the SEC for the institutional XRP sale
- Stuart Alderoty, Chief Legal Officer from Ripple, said: "The SEC cannot submit any new evidence or ask us more."
- The form C from ripple requires that each edition is subjected to an examination de novo The follow-up profession of Ripple follows a week after the SEC submitted its follow-up advisory against an earlier judgment, the ripple partially favored
Ripple Labs submitted a connection complaint according to form C at the US Court of Appeal to deny questions in a judgment in his legal dispute with the US stock exchange supervisory authority SEC (Securities and Exchange Commission).
Stuart Alderoty, Chief Legal Officer von Ripple, published the news on X submit or ask us to present more. ”
Today Ripple submitted a form - with a list of the points that we want to address in our connection complaint. A few things you should consider in the further course:
In this case, it is not about whether XRP is a security for itself. XRP is in the unique position that it (besides BTC) it is clear that it is not ... https://t.co/amfocanbpx
- Stuart Alderoty (@S_Alderoty) 25. October 2024
ripple has submitted his message about what exactly it is, namely:
1. Whether an "investment contract" actually has to be a legally valid contract. In my opinion, Ripple mainly brings this matter for the benefit of the cryptor compartment in general before the appellate court, since Ripples direct purchases from ... https://8xrnndyylk pic.twitter.com/hv6yufck3u
ripple form C explains the points in his calling and demands that everyone is subjected to an examination de novo Standard examination of the case. A de Novo A court can view court documents as for the first time without referring to previous decisions.
The Ripple's appointment focuses on the question of whether the company should have marked its institutional XRP sales as registered securities, which led to a fine of $ 125 million against the company by the US district judge Anisa Torres last August.
The appeal also has problems using the Howey test to Ripple's XRP transfers. This is a legal framework for determining whether a transaction is an investment contract.
The appeal of the SEC
The step of Ripple took place after the SEC lodged last week at the last minute appointment, in which it questioned a judge Torres from August 2023, which Ripple partially favored.
Last July, judge Torres decided that XRP was not a security when it comes to selling the public, his employees and developers, which was a big victory against the Sec. But in the case of direct sales to institutional investors, Torres found that these sales were securities, which is why the fine was $ 125 millionThe SEC does not deny the court's decision that XRP is not a security for private investors on platforms for digital assets; However, the agency focuses on whether Brad Garlinghouse, CEO von Ripple, and Chris Larsen, co -founder of Ripple, have violated securities laws by offering non -registered sales.
In 2020, the SEC Ripple, Larsen and Garlinghouse You claimed Sale of XRP, a non -registered security offer, according to the supervisory authority.
Source: Coinlist.me