{"id":548191,"date":"2023-08-21T09:55:03","date_gmt":"2023-08-21T09:55:03","guid":{"rendered":"https:\/\/wncen.com\/?p=548191"},"modified":"2024-06-11T08:12:36","modified_gmt":"2024-06-11T08:12:36","slug":"sec-interlocutory-appeal-ripple-a-mistake","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/sec-interlocutory-appeal-ripple-a-mistake\/","title":{"rendered":"Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake"},"content":{"rendered":"

The United States Securities and Exchange Commission (SEC) recently <\/span>filed<\/span><\/a> an interlocutory appeal following Judge Analisa Torres\u2019 ruling in favor of Ripple. However, an attorney and crypto enthusiast Greg Beuke believes the SEC made a mistake in appealing the decision.\u00a0<\/span><\/p>\n

SEC Misunderstood Judge Torres\u2019 Ruling\u00a0<\/span><\/h2>\n

Reacting to the news that the SEC had filed a <\/span>motion<\/span><\/a> to certify an interlocutory appeal, Beuke <\/span>stated<\/span><\/a> that the regulator \u201cfundamentally misunderstands\u201d the ruling. According to him, the Judge didn\u2019t rule programmatic sales cannot constitute investment contracts.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Ethereum Whale Avoids Market Crash, Do They Know Something You Don\u2019t?<\/a><\/div>\n

He explained that <\/span>Judge Torres<\/span><\/a> only ruled that programmatic sales didn\u2019t constitute investment contracts in this particular case because the SEC failed to establish that XRP investors who bought over exchanges did so, hoping they would profit from Ripple\u2019s efforts.<\/span><\/p>\n

The SEC also failed to adduce any significant evidence to bolster its case. Beuke highlighted that the agency didn\u2019t provide any \u201csingle XRP holder\u201d who said he expected to profit from Ripple\u2019s venture despite that being the basis of the SEC\u2019s argument. Instead, it relied on \u201ccherry picked statements from Ripple & select employees,\u201d which the attorney believes was inadequate to discharge the burden of proof placed on the SEC.<\/span><\/p>\n

Beuke further called the SEC\u2019s move of an interlocutory appeal a \u201chuge strategic mistake.\u201d Usually, a party appealing a final ruling can interpret it in a way that bolsters its argument without the Judge who gave the ruling being able to clarify why it made such a judgment.\u00a0<\/span><\/p>\n

However, in this case, the SEC filed an <\/span>interlocutory appeal<\/span><\/a> (an appeal before a final order is made) which allows Judge Torres to clarify her ruling and probably put a dent in the SEC\u2019s case, as Beuke argues. He believes that the Judge will make it clear that the SEC failed to discharge its burden of proof.\u00a0<\/span><\/p>\n

\"Ripple<\/p>\n

XRP price continues to decline | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
SEC To Lose Its Appeal In Ripple Case?<\/h2>\n
Beuke pointed out that no new evidence can be adduced upon appeal, and neither can the SEC make new arguments. As such, the 2nd circuit will only have the records to work with, and going by it, the regulator provided little or no evidence to prove its case.\u00a0<\/span><\/p>\n
Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus<\/a><\/div>\n
While the appeal court might be inclined to accept the SEC\u2019s underlying argument that XRP\u2019s programmatic sales did indeed constitute an investment contract, Beuke has stated the court will avert its mind to Judge Torres\u2019 ruling, which was based \u201con the undisputed factual record,\u201d which shows that the SEC failed to prove its case.<\/span><\/p>\n
The SEC is likely to lose as it was expected to prove that a \u201creasonable retail XRP purchaser was aware of Ripple and relied on Ripple\u2019s efforts for profits.\u201d Furthermore, Ripple seems to have a more solid case as the SEC had no reply to affidavits of <\/span>XRP holders<\/span><\/a>, which prominent XRP lawyer John Deaton brought forward.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The United States Securities and Exchange Commission (SEC) recently filed an interlocutory appeal following Judge Analisa Torres\u2019 ruling in favor of Ripple. However, an attorney and crypto enthusiast Greg Beuke believes the SEC made a mistake in appealing the decision.\u00a0 SEC Misunderstood Judge Torres\u2019 Ruling\u00a0 Reacting to the news that the SEC had filed a motion to certify an interlocutory appeal, Beuke stated that the regulator \u201cfundamentally misunderstands\u201d the ruling. According to him, the Judge didn\u2019t rule programmatic sales cannot constitute investment contracts.\u00a0\u00a0 Related Reading: Ethereum Whale Avoids Market Crash, Do They Know Something You Don\u2019t? He explained that Judge Torres only ruled that programmatic sales didn\u2019t constitute investment contracts in this particular case because the SEC failed to establish that XRP investors who bought over exchanges did so, hoping they would profit from Ripple\u2019s efforts. The SEC also failed to adduce any significant evidence to bolster its case. Beuke highlighted that the agency didn\u2019t provide any \u201csingle XRP holder\u201d who said he expected to profit from Ripple\u2019s venture despite that being the basis of the SEC\u2019s argument. Instead, it relied on \u201ccherry picked statements from Ripple & select employees,\u201d which the attorney believes was inadequate to discharge the burden of proof placed on the SEC. Beuke further called the SEC\u2019s move of an interlocutory appeal a \u201chuge strategic mistake.\u201d Usually, a party appealing a final ruling can interpret it in a way that bolsters its argument without the Judge who gave the ruling being able to clarify why it made such a judgment.\u00a0 However, in this case, the SEC filed an interlocutory appeal (an appeal before a final order is made) which allows Judge Torres to clarify her ruling and probably put a dent in the SEC\u2019s case, as Beuke argues. He believes that the Judge will make it clear that the SEC failed to discharge its burden of proof.\u00a0 XRP price continues to decline | Source: XRPUSD on Tradingview.com SEC To Lose Its Appeal In Ripple Case? Beuke pointed out that no new evidence can be adduced upon appeal, and neither can the SEC make new arguments. As such, the 2nd circuit will only have the records to work with, and going by it, the regulator provided little or no evidence to prove its case.\u00a0 Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus While the appeal court might be inclined to accept the SEC\u2019s underlying argument that XRP\u2019s programmatic sales did indeed constitute an investment contract, Beuke has stated the court will avert its mind to Judge Torres\u2019 ruling, which was based \u201con the undisputed factual record,\u201d which shows that the SEC failed to prove its case. The SEC is likely to lose as it was expected to prove that a \u201creasonable retail XRP purchaser was aware of Ripple and relied on Ripple\u2019s efforts for profits.\u201d Furthermore, Ripple seems to have a more solid case as the SEC had no reply to affidavits of XRP holders, which prominent XRP lawyer John Deaton brought forward. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,17209,3799,89165,89166,4531,83637],"class_list":["post-548191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-ripple-news","tag-sec","tag-sec-appeal","tag-sec-interlocutory-appeal","tag-xrp","tag-xrp-news"],"acf":[],"yoast_head":"\nExperts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake<\/title>\n<meta name=\"description\" content=\"The United States SEC recently filed an interlocutory appeal following Judge Analisa Torres\u2019 ruling in favor of Ripple.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake","url":"http:\/\/wncen.com\/news\/ripple\/sec-interlocutory-appeal-ripple-a-mistake\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ripple\/sec-interlocutory-appeal-ripple-a-mistake\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1323355582.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1323355582.jpg?fit=2121%2C1414"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","ripple news","sec","sec appeal","sec interlocutory appeal","xrp","xrp news"],"dateCreated":"2023-08-21T09:55:03Z","datePublished":"2023-08-21T09:55:03Z","dateModified":"2024-06-11T08:12:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Experts Explain Why SEC\\u2019s Interlocutory Appeal In Ripple Case Was A Mistake\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/sec-interlocutory-appeal-ripple-a-mistake\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/sec-interlocutory-appeal-ripple-a-mistake\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1323355582.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1323355582.jpg?fit=2121%2C1414\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"ripple news\",\"sec\",\"sec appeal\",\"sec interlocutory appeal\",\"xrp\",\"xrp news\"],\"dateCreated\":\"2023-08-21T09:55:03Z\",\"datePublished\":\"2023-08-21T09:55:03Z\",\"dateModified\":\"2024-06-11T08:12:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1323355582.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548191"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548191"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548197"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}