Cryptocurrency NewsSEC Wins Request to Appeal, New Trial with XRP Underway?

SEC Wins Request to Appeal, New Trial with XRP Underway?

In recent developments regarding the XRP lawsuit, Judge Analisa Torres has given the green light for the U.S. Securities and Exchange Commission (SEC) to proceed with their appeal against Ripple Labs. It’s important to note that this isn’t an endorsement by Judge Torres of the SEC’s stance but merely an approval for the case to continue.

Following closely on this, Ripple Labs, along with Brad Garlinghouse and Chris Larsen, had previously expressed their disagreement with the SEC’s decision to appeal. They now have until September 1st to present their counter-arguments.

At the heart of this ongoing legal tussle is Judge Torres’s prior decision concerning how XRP tokens were sold and distributed. Back in July, she determined that, while XRP’s automated sales didn’t match the criteria of the Howey test, the sales to institutions did.

Ripple Labs has since accused the SEC of doing an about-face. They argue that the SEC couldn’t provide adequate evidence to back their claims, making it difficult to apply the Howey test to XRP sales. Ripple Labs further insists that the SEC’s grounds for the appeal are inadequate, suggesting that the SEC might be using this as a way to shift their strategy when dealing with digital currencies.

On the other hand, the SEC emphasizes that their appeal is a move to avoid long, drawn-out court battles. They’ve pointed out that the initial verdict in favor of Ripple Labs could have implications for other ongoing cases they’re handling.

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