SEC signals appeal to XRP ruling | Bitcointalksearch.org

bbc.reporter

legendary

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News update.

It appears Ripple has another legal victory against the SEC when uncle Gary withdrew a lawsuit vs. 2 Ripple executives, Brad Garlichouse and Chris Larsen on an allegation that they broke securites laws.

2024 will be more bullish for many projects in the cryptospace, I reckon hehehe.

A significant breakthrough has been achieved in the ongoing legal showdown between Ripple, the blockchain payment company, and the United States Securities and Exchange Commission (SEC). The SEC has withdrawn all its claims against Ripple officials Brad Garlinghouse and Chris Larsen.

Source https://www.binance.com/en/feed/post/1435058

Also, Garlichouse has shared this on social media hehehe.

Today was an even better day.
Ripple: 3
SEC: 0

In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a decade.

Source https://twitter.com/bgarlinghouse/status/1715108497107694019

bbc.reporter

legendary

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@zasad@. No crypto exchange or project from the cryptospace will hire uncle Gary after witnessing what he has done and what he is presently doing. However, it might be good to witness uncle Gary to be hired by CZ and become his subordinate heheheh.

In any case, is Elon good with predictions? He has said that he expects that the SEC will be overhauled together with other government agencies.

Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC). He made this call after the securities regulator sued him to force him to testify about his acquisition of social media platform Twitter, now known as X.

In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote:

A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.

Moreover, another X user asked Musk: “Will it ever happen?” The billionaire replied: “I estimate the probability at 100%”

Source https://news.bitcoin.com/tesla-ceo-elon-musk-predicts-comprehensive-overhaul-of-sec-with-100-probability/

zasad@

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Quote from: dansus021 on October 05, 2023, 08:21:02 PM

Hmmmm uncle gary should get retired

Uncle Gary will probably help the crypto industry a lot after his dismissal.

Remember this news about Binance
Binance US Hires Former SEC Enforcement Co-Director as It Fights Charges
https://www.bloomberg.com/news/articles/2023-06-12/binance-us-hires-former-sec-enforcement-co-director-canellos?

Uncle Gary will earn a huge salary while continuing his career as an advisor to any major cryptocurrency company that wants to operate in the US. Either way, we'll be hearing a lot more about Uncle Gary.

bbc.reporter

legendary

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Quote from: NotATether on October 05, 2023, 02:34:53 AM

Quote from: bbc.reporter on October 04, 2023, 10:16:34 PM

@zasad@. Yes but that will be for another case. The case the community has been concerned about is whether their tokens are illegal securities which as ruled by a judge, which they by themselves are not really securities. However, they cannot do an act that makes the arguable to be securities like selling them to whales and institutional investors through presales and ICOs. This I speculate might make many projects' token issuance and markets creation more fair and more accessible for small minnows hehehe.

Are they illegal securities? Who cares at this point. Instead of wasting time in court about things like Ripple, why not go after the hundreds of shitcoins created on a regular basis that are clearly intended for pump and dump purposes, and miserably fail the Howey test?

It shows that SEC's priorities are all whack and the consumer is not the person they actually intend on protecting primarily.

Many people and developers care. The bitcoin community is not the only community in the cryptospace.There are more communities that want to develop their own projects. The cryptospace is not only about bitcoin.

Also, have you been following the recent news developments? Ripple has won their case and has created a precedent. A judge has already ruled that the tokens by themselves are not securities which will make it more difficult to go affer the thousands of small projects. Uncle Gary has lost and we in the cryptospace community have won!

dansus021

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I mean how much money has gone out from this bald man against the cryptocurrency I agree with nottether they should charge a shitcoin or something than running out money from the case the didnt win

Quote from: bbc.reporter on October 03, 2023, 09:46:55 PM

This will certainly be the last news update in this thread. It is over for uncle Gary vs. Ripple. A federal judge has rejected the SEC's motion to appeal a court decision and what might be the most important case that has set a precedent for many altcoin projects in the cryptospace. They have Brad Garlichouse and Ripple's millions in legal fees to thank.

A federal judge has rejected the U.S. Securities and Exchange Commission’s bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token.

Source https://www.coindesk.com/policy/2023/10/03/secs-motion-to-appeal-loss-in-ripple-case-is-denied/

Hmmmm uncle gary should get retired

zasad@

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Quote from: NotATether on October 05, 2023, 02:34:53 AM

Quote from: bbc.reporter on October 04, 2023, 10:16:34 PM

@zasad@. Yes but that will be for another case. The case the community has been concerned about is whether their tokens are illegal securities which as ruled by a judge, which they by themselves are not really securities. However, they cannot do an act that makes the arguable to be securities like selling them to whales and institutional investors through presales and ICOs. This I speculate might make many projects' token issuance and markets creation more fair and more accessible for small minnows hehehe.

Are they illegal securities? Who cares at this point. Instead of wasting time in court about things like Ripple, why not go after the hundreds of shitcoins created on a regular basis that are clearly intended for pump and dump purposes, and miserably fail the Howey test?

It shows that SEC's priorities are all whack and the consumer is not the person they actually intend on protecting primarily.

In Russia, "take a look not where you lost it, but where there is light". It's probably the same in the USA. And in politics you need to do not what is right, but what is profitable.
If the SEC goes after crap projects with small capitalization and ends up getting nothing, then everyone will laugh at them. To be respected and feared, you need to beat the biggest game, but so that its curators do not then kick back. Therefore, Ethereum is a commodity and cannot be touched, but Ripple...

NotATether

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Quote from: bbc.reporter on October 04, 2023, 10:16:34 PM

@zasad@. Yes but that will be for another case. The case the community has been concerned about is whether their tokens are illegal securities which as ruled by a judge, which they by themselves are not really securities. However, they cannot do an act that makes the arguable to be securities like selling them to whales and institutional investors through presales and ICOs. This I speculate might make many projects' token issuance and markets creation more fair and more accessible for small minnows hehehe.

Are they illegal securities? Who cares at this point. Instead of wasting time in court about things like Ripple, why not go after the hundreds of shitcoins created on a regular basis that are clearly intended for pump and dump purposes, and miserably fail the Howey test?

It shows that SEC's priorities are all whack and the consumer is not the person they actually intend on protecting primarily.

bbc.reporter

legendary

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@zasad@. Yes but that will be for another case. The case the community has been concerned about is whether their tokens are illegal securities which as ruled by a judge, which they by themselves are not really securities. However, they cannot do an act that makes the arguable to be securities like selling them to whales and institutional investors through presales and ICOs. This I speculate might make many projects' token issuance and markets creation more fair and more accessible for small minnows hehehe.

zasad@

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The Ripple company still violated other laws, so new court hearings will be held just during the next Bitcoin halving.
It’s as if the crypto market manipulators are preparing for a series of big positive news and the opening of a spot ETF. Before the elections, this saga will not be of interest to everyone.

bbc.reporter

legendary

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This will certainly be the last news update in this thread. It is over for uncle Gary vs. Ripple. A federal judge has rejected the SEC's motion to appeal a court decision and what might be the most important case that has set a precedent for many altcoin projects in the cryptospace. They have Brad Garlichouse and Ripple's millions in legal fees to thank.

A federal judge has rejected the U.S. Securities and Exchange Commission’s bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP token.

Source https://www.coindesk.com/policy/2023/10/03/secs-motion-to-appeal-loss-in-ripple-case-is-denied/

bbc.reporter

legendary

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A minor news update, however, something we need to know hehe.

It appears the legal bill paid by Ripple has reached $200 million. On those people who considered Ripple a scam and Brad Garlichouse a scammer, I reckon the company and the person has become important figures in the cryptospace because of the legal precedent their case has caused. I reckon no one would have paid $200 million for this.

Ripple won a landmark decision against the Securities and Exchange Commission this summer when a federal judge ruled its sale of XRP tokens did not, in most cases, amount to a securities offering. The ruling was a major victory for both the company and the crypto industry—but it did not come cheap.

I caught up with Ripple CEO Brad Garlinghouse in New York on Wednesday, and he told me the company's legal bills—which he had pegged at over $100 million in July of 2022—have now grown to around double that. The eye-popping figure reflects both the high cost of litigation and the fact the crypto world is in a life-and-death struggle with the SEC, whose chairman has adopted a relentlessly hostile posture towards the industry.

"You have to stand up to a bully," Garlinghouse said on stage at the Mainnet conference prior to our conversation. "[Chair Gary Gensler] is pursuing power, he’s pursuing politics. Not sound policy.”

Source https://finance.yahoo.com/news/ripple-legal-bills-hit-200-134304768.html

zasad@

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Quote from: bbc.reporter on August 20, 2023, 07:53:35 PM

News update.

This has cleared the question on XRP's status. I had an argument with someone in the forum where he said that XRP is sometimes a security, sometimes not a security depending on how it was sold. I shake my head on this because the ruling clearly said that XRP as a digital token is not in and of itself a contract, a transaction or a scheme that embodies the howey test requirements of an investment contract. These are the judges words.

In any case, this is another victory for the cryptospace.

In a significant turn of events, the United States Securities and Exchange Commission (SEC) has publicly affirmed the nonsecurity status of digital assets, including XRP. This announcement comes as part of the regulatory body’s motion to appeal the Ripple victory ruling.

The SEC stated in the newly filed motion:

“The SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value.”

Source https://coinedition.com/us-sec-officially-acknowledges-xrp-is-non-security-in-new-court-filing/

This case has already become a precedent and the courts are already referring to it. The likelihood of this decision being reviewed is very low, and appeals on nuances can still drag on for several years until either the law appears or the precedent becomes a law. In the meantime, you can stuff XRP coins in the cheeks of new hamsters

bbc.reporter

legendary

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News update.

This has cleared the question on XRP's status. I had an argument with someone in the forum where he said that XRP is sometimes a security, sometimes not a security depending on how it was sold. I shake my head on this because the ruling clearly said that XRP as a digital token is not in and of itself a contract, a transaction or a scheme that embodies the howey test requirements of an investment contract. These are the judges words.

In any case, this is another victory for the cryptospace.

In a significant turn of events, the United States Securities and Exchange Commission (SEC) has publicly affirmed the nonsecurity status of digital assets, including XRP. This announcement comes as part of the regulatory body’s motion to appeal the Ripple victory ruling.

The SEC stated in the newly filed motion:

“The SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value.”

Source https://coinedition.com/us-sec-officially-acknowledges-xrp-is-non-security-in-new-court-filing/

zasad@

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Quote from: bbc.reporter on August 13, 2023, 11:05:22 PM

@zasad@. If the SEC offers a settlement to avoid a trial by jury then this should be very bullish not only for Ripple because it will imply that Gary Gensler is not willing to fight a battle that they can lose. Ripple's lawyers are ready for all of the SEC's legal maneuverings, I reckon. CZ, other exchange CEOs and DeFi projects' teams should learn from this.

I think you will agree that it is difficult for a project to develop if it has unclosed legal problems with the SEC.
Therefore, it is not always profitable to litigate for a long time.
Legislation will appear, it will either be case law, which legislators will be required to take into account, or new laws will come out earlier that will put an end to this very long court case.

bbc.reporter

legendary

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@zasad@. If the SEC offers a settlement to avoid a trial by jury then this should be very bullish not only for Ripple because it will imply that Gary Gensler is not willing to fight a battle that they can lose. Ripple's lawyers are ready for all of the SEC's legal maneuverings, I reckon. CZ, other exchange CEOs and DeFi projects' teams should learn from this.

zasad@

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Quote from: bbc.reporter on August 12, 2023, 12:15:29 AM

Quote from: zasad@ on August 11, 2023, 06:54:42 AM

Quote from: bbc.reporter on August 10, 2023, 10:13:14 PM

@zasad@. The second quarter on 2024 is also when the halving for bitcoin occurs and after the trial if the jury rules a favorable verdict for Ripple, then it appears that the maker of the matrix really wants to give us a bull market hehe. Also if the date of approval of the spot ETF's are signed close to the date of a favorable verdict, I reckon we should ask ourselves if we are living a simulation hehehehe. Is it supposed to be as easy as this?

I think that the trial may be a little delayed and there will be no jury decision in the second quarter. SEC can hold out with a spot ETF's verdict before the bitcoin halving, but I have another question, how to get hamsters to sell bitcoins before the pump?
If your scenario is correct, then in autumn and winter there should be maximum negative on the crypto market so that hodlers sell cryptocurrencies, otherwise the pump will be unprofitable for the manipulator.

How long are these types of trials before a verdict is given? If it starts during the 2nd quarter and it continues for 3 to 4 months then the verdict might be know during the middle of the 3rd quarter or in the beginnng of the 4th quarter. This is okay. If the spot ETF is approved on 2024 close to the halving's date, this will pump bitcoin and the whole cryptospace will follow. However, similar to the excitment of hype in the news, the pump stops and the market begins to wake up to reality. I speculate that it will be a favorable ruling on Ripple that will make the cryptospace pump to all time highs again.

Ripple can settle the issues with the SEC and pay the fine sooner. In 2024, the US presidential election and news about Ripple will be in the background. And most projects won't be able to take the SEC in court because they don't have the kind of financial resources that Ripple can spend. But the regulation in the US is not yet complete and there will be more interesting developments next year.

bbc.reporter

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Quote from: zasad@ on August 11, 2023, 06:54:42 AM

Quote from: bbc.reporter on August 10, 2023, 10:13:14 PM

@zasad@. The second quarter on 2024 is also when the halving for bitcoin occurs and after the trial if the jury rules a favorable verdict for Ripple, then it appears that the maker of the matrix really wants to give us a bull market hehe. Also if the date of approval of the spot ETF's are signed close to the date of a favorable verdict, I reckon we should ask ourselves if we are living a simulation hehehehe. Is it supposed to be as easy as this?

I think that the trial may be a little delayed and there will be no jury decision in the second quarter. SEC can hold out with a spot ETF's verdict before the bitcoin halving, but I have another question, how to get hamsters to sell bitcoins before the pump?
If your scenario is correct, then in autumn and winter there should be maximum negative on the crypto market so that hodlers sell cryptocurrencies, otherwise the pump will be unprofitable for the manipulator.

How long are these types of trials before a verdict is given? If it starts during the 2nd quarter and it continues for 3 to 4 months then the verdict might be know during the middle of the 3rd quarter or in the beginnng of the 4th quarter. This is okay. If the spot ETF is approved on 2024 close to the halving's date, this will pump bitcoin and the whole cryptospace will follow. However, similar to the excitment of hype in the news, the pump stops and the market begins to wake up to reality. I speculate that it will be a favorable ruling on Ripple that will make the cryptospace pump to all time highs again.

zasad@

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Quote from: bbc.reporter on August 10, 2023, 10:13:14 PM

@zasad@. The second quarter on 2024 is also when the halving for bitcoin occurs and after the trial if the jury rules a favorable verdict for Ripple, then it appears that the maker of the matrix really wants to give us a bull market hehe. Also if the date of approval of the spot ETF's are signed close to the date of a favorable verdict, I reckon we should ask ourselves if we are living a simulation hehehehe. Is it supposed to be as easy as this?

I think that the trial may be a little delayed and there will be no jury decision in the second quarter. SEC can hold out with a spot ETF's verdict before the bitcoin halving, but I have another question, how to get hamsters to sell bitcoins before the pump?
If your scenario is correct, then in autumn and winter there should be maximum negative on the crypto market so that hodlers sell cryptocurrencies, otherwise the pump will be unprofitable for the manipulator.

bbc.reporter

legendary

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@zasad@. The second quarter on 2024 is also when the halving for bitcoin occurs and after the trial if the jury rules a favorable verdict for Ripple, then it appears that the maker of the matrix really wants to give us a bull market hehe. Also if the date of approval of the spot ETF's are signed close to the date of a favorable verdict, I reckon we should ask ourselves if we are living a simulation hehehehe. Is it supposed to be as easy as this?

zasad@

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https://www.theblock.co/post/244015/jury-trial-dates-set-for-next-year-in-long-winded-ripple-case
"Judge Analisa Torres ordered a trial by jury last month for Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen over whether they are liable in illegal securities sales to institutional investors who bought hundreds of millions of dollars worth of XRP.

Dates are beginning to be set for a jury trial in the Securities and Exchange Commission’s case against Ripple Labs.

The court is planning to schedule a jury trial for the second quarter of next year in the Southern District of New York, Judge Analisa Torres said on Tuesday in a pretrial scheduling order. "

Topic: SEC signals appeal to XRP ruling (Read 617 times)