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SEC Onboards New Attorneys in Ripple Case

Thu, 08/10/2023 - 16:00
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Tomiwabold Olajide
SEC moves to challenge Ripple ruling
SEC Onboards New Attorneys in Ripple Case
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The United States Securities and Exchange Commission (SEC) has onboarded two new attorneys as it moves to challenge Ripple's summary judgment win.

James K. Filan, a former federal prosecutor and Ripple enthusiast, called attention to the new development on Twitter.

The two attorneys that have filed Motions to Appear Pro Hac Vice on behalf of the SEC are Marc Jones and Peter Moores.

The request for admission of the two attorneys to appear for all purposes as counsel for the United States Securities and Exchange Commission (SEC) has been granted by the court.

In a new twist in the Ripple lawsuit, the SEC stated its intent to challenge the July 13 ruling that XRP is not a security when sold to the general public.

In a Wednesday court filing, the SEC said it was seeking leave to file an "interlocutory appeal" of the judge's ruling on Ripple's programmatic sales of XRP and sales to buyers over trading platforms and other distributions.

U.S. District Judge Analisa Torres ruled last month that Ripple sales of XRP to sophisticated investors met the test for an investment contract under federal securities law, but this did not apply to programmatic investors, meaning the broader public buying crypto on exchanges.

XRP lawyer exposes SEC's weakest argument

XRP holders attorney John Deaton highlights the SEC's weakest argument in its bid to challenge Ripple's win in summary judgment.

"The SEC argues that Torres’ ruling could impact its other lawsuits, which are of similar nature. This is the weakest of the SEC’s arguments," Deaton stated.

The SEC stated in its filing that a timely review of the Ripple ruling was warranted because of the "number of actions currently pending that may be affected."

Ripple Chief Legal Officer Says Company Ready for Likely SEC Appeal

In an exciting development, Gemini crypto exchange has announced the listing of XRP, with deposits for the cryptocurrency now available while trading is set to commence at a later time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.