SEC signals appeal to XRP ruling | Bitcointalksearch.org

bbc.reporter

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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 The SEC has withdrawn all its claims against Ripple officials Brad Garlinghouse and Chris Larsen.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

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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

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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!

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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...

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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

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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.

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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/

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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

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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

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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/

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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.

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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.

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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.

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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.

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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

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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?

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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. "

bbc.reporter

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News update.

It appears that the SEC has officially made their appeal on the Judge Torres' ruling that XRP is not a security.

The US Security and Exchange Commission (SEC) will appeal the ruling that Ripple XRP is not a security, according to a filing by the commission.

The official appeal reads:

Specifically, the SEC seeks to certify the Court’s holding that Defendants’ “Programmatic” offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s “Other Distributions” in exchange for labor and services did not involve the offer or sale of securities under SEC v. W.J. Howey Co., 328 U.S. 293 (1946).”

Source https://watcher.guru/news/us-sec-will-appeal-judge-ruling-that-ripple-xrp-is-not-a-security

Ripple did not make an official response, however, their Chief Legal Officer shared his thoughts on social media.

The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned.

Source https://twitter.com/s_alderoty/status/1689400889046667264

In any case, I predict the judge to make another favorable ruling for Ripple. This might be another chance to make a trade on another XRP pump hehehehee.

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Quote from: bbc.reporter on July 26, 2023, 08:52:33 PM

Quote from: zasad@ on July 26, 2023, 06:07:08 AM

__
Within 2 years, while the EC will file an appeal, new crypto legislation may appear in the US if the right president wins the 2024 elections

There are some people in social media that have begun announcing a breaking news that the US house financial services committee in congress has passed a bill to create a regulatory framework for the cryptospace. Let us wait for more announcements from mainstream news and cryptonews media outlets and see if they share the documentation of the bill. I am quite certain that there will be some things in the bill that would be very head scratching for us hehehe.

My prediction, they will propose that there should be KYC on personal crypto wallets.

This is the USA, there are a lot of ideas and bills for all occasions, but the problem is that not all bills will become laws. This bill has a long way to go in the Senate.
Of course, if regulators allow US citizens to trade on crypto exchanges, then all wallets from which cryptocurrencies are received and to which cryptocurrencies are sent will have to undergo the KYC procedure.

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Quote from: bbc.reporter on July 26, 2023, 08:52:33 PM

My prediction, they will propose that there should be KYC on personal crypto wallets.

I'm afraid that's going to be a worldwide trend. The European Union has legislation in the pipeline in this regard, and while there will always be ways to circumvent it and trade P2P, this is going to make Bitcoin use far from Satoshi's idea.

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Quote from: zasad@ on July 26, 2023, 06:07:08 AM

__
Within 2 years, while the EC will file an appeal, new crypto legislation may appear in the US if the right president wins the 2024 elections

There are some people in social media that have begun announcing a breaking news that the US house financial services committee in congress has passed a bill to create a regulatory framework for the cryptospace. Let us wait for more announcements from mainstream news and cryptonews media outlets and see if they share the documentation of the bill. I am quite certain that there will be some things in the bill that would be very head scratching for us hehehe.

My prediction, they will propose that there should be KYC on personal crypto wallets.

zasad@

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I found an old SEC release about violating the Securities Exchange Act, but it didn't call bitcoin a security.

SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme
https://www.sec.gov/news/press-release/2013-132

__
Within 2 years, while the EC will file an appeal, new crypto legislation may appear in the US if the right president wins the 2024 elections

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Quote from: bbc.reporter on July 26, 2023, 02:51:15 AM

It took a judge to make a ruling to make everything clear for the SEC.

Yes that's what I'm trying to point out, decisions change according to men, the SEC controllers are the ones in charge of securities in the USA but now they are anti-crypto and trying to impose their point of view on others. So maybe in the future if those change the SEC decisions will change.

As I explained before, there is no agreement yet on the definition of these developments related to Crypto, and everyone is trying to impose their point of view, so we find that the decisions of the judges are different.

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Quote from: yhiaali3 on July 25, 2023, 10:18:15 PM

Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Breaking news.
The US Securities and Exchange Commission (SEC) asked a federal judge today to appeal parts of a recent ruling in the Ripple Labs case. The SEC says the decision doesn’t square with existing securities laws.

Don't understand how the decision doesn’t square with existing securities laws?
Isn't this decision issued by a competent judge? Is it possible for a judge to rule in favor of Ripple in a way that violates the law?

In any case, Ripple won the case in the first stage, and this will give them more confidence and time to enter the appeal with much more force, although I believe that the appeal will not change anything in the decision.

What are you trying to imply? The judge is not only incompetent but also corrupt? If you were paying attention on what has been happening in the cryptospace, it was CZ, Brian Armstrong, Jesse Powell, the Winklevoss and the other founders of cryptospace projects who were asking the SEC for regulatory clarity and guidelines to make their exchanges and projects more compliant. However, uncle Gary would not accomodate on their request and instead began cracking down on the cryptspace.

It took a judge to make a ruling to make everything clear for the SEC.

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Quote from: yhiaali3 on July 25, 2023, 11:30:30 PM

Of course I understand as everyone here that SEC stands for (Securities and Exchange Commission) and that it is the public body in charge of securities in the USA and that we have to take it into consideration and that it is responsible for deciding such matters.

But what we do not understand is their insistence on fabricating problems deliberately, and what we also do not understand why the SEC is selective in applying the concept of securities to digital assets (for example, why SEC was declared that Ethereum is not a security).

It is clear that there is no agreement on the definition of such emerging issues related to crypto and that things are proceeding in a selective manner as desired by the SEC.

I think this is the most interesting thing I've read in this thread, which is generally low level, and I completely agree with what you say. In any case, let's hope that the ruling makes the SEC think things over and they move to act in a less arbitrary way in this regard, although with the appeal announcement it doesn't seem so.

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Quote from: Poker Player on July 25, 2023, 10:52:32 PM

Quote from: yhiaali3 on July 25, 2023, 10:18:15 PM

Don't understand how the decision doesn’t square with existing securities laws?

I don't know if you've ever stopped to think that SEC, stands for Securities and Exchange Commission, which most of you who have commented on this thread seem to be unaware of or don't want to know. It is the public body in charge of securities in the USA, so whatever it has to say I guess we will have to take it into some consideration.

Of course I understand as everyone here that SEC stands for (Securities and Exchange Commission) and that it is the public body in charge of securities in the USA and that we have to take it into consideration and that it is responsible for deciding such matters.

But what we do not understand is their insistence on fabricating problems deliberately, and what we also do not understand why the SEC is selective in applying the concept of securities to digital assets (for example, why SEC was declared that Ethereum is not a security).

It is clear that there is no agreement on the definition of such emerging issues related to crypto and that things are proceeding in a selective manner as desired by the SEC.

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Quote from: yhiaali3 on July 25, 2023, 10:18:15 PM

Don't understand how the decision doesn’t square with existing securities laws?

I don't know if you've ever stopped to think that SEC, stands for Securities and Exchange Commission, which most of you who have commented on this thread seem to be unaware of or don't want to know. It is the public body in charge of securities in the USA, so whatever it has to say I guess we will have to take it into some consideration.

Quote from: yhiaali3 on July 25, 2023, 10:18:15 PM

Isn't this decision issued by a competent judge? Is it possible for a judge to rule in favor of Ripple in a way that violates the law?

Not exactly breaking the law, but in law there are many areas that are not black and white, and many areas with legal loopholes. And it is not uncommon that in appeals the appellant is granted (it can be 15/20% of the cases, depending on the field).

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Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Breaking news.
The US Securities and Exchange Commission (SEC) asked a federal judge today to appeal parts of a recent ruling in the Ripple Labs case. The SEC says the decision doesn’t square with existing securities laws.

Don't understand how the decision doesn’t square with existing securities laws?
Isn't this decision issued by a competent judge? Is it possible for a judge to rule in favor of Ripple in a way that violates the law?

In any case, Ripple won the case in the first stage, and this will give them more confidence and time to enter the appeal with much more force, although I believe that the appeal will not change anything in the decision.

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Quote from: Poker Player on July 22, 2023, 02:53:49 AM

if Ripple and the rest of shitcoins are not securities, what are they?

This is what I’m thinking too. Most of this shitcoin hides as utility token to dodge the law while they have the feature of a security token. I’m actually surprised how Ripple manage to win the court battle against the SEC while the SEC itself is handling the regulation on shitcoins.

They have edge over Ripple when I first saw the guidelines on how SEC classifies a token as securities.

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Quote from: zasad@ on July 24, 2023, 08:44:10 AM

I did not understand in what order the appeal will take place. If this is a new lawsuit, that will take a very long time.

What it means is that the judge's decision is valid as long as there is no higher instance that contradicts it. As this can take two years for a new trial by appeal in a higher instance, Ripple knows that they can rest easy for a long time. For the time being, they have been granted, and now it is the SEC that must strive to take it away in the appeal to a higher instance.

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Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

The US Securities and Exchange Commission (SEC) asked a federal judge today to appeal parts of a recent ruling in the Ripple Labs case. The SEC says the decision doesn’t square with existing securities laws.

Read in full https://watcher.guru/news/sec-signals-appeal-to-crypto-ripple-ruling

I did not understand in what order the appeal will take place. If this is a new lawsuit, that will take a very long time.
While the SEC and Ripple will sort things out in the courts, normal legislation on cryptocurrencies will appear in other countries. Ripple seems to agree to pay the fine.

Quote

XRP lawyer Deaton said that the SEC's appeal against the XRP court decision would not be a major setback for Ripple. Even in the case of an appeal, the court of second instance will take two years to make a decision. In the meantime, Judge Torres' decision stands.

bbc.reporter

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Quote from: Poker Player on July 22, 2023, 02:53:49 AM

Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Breaking news.

A baldish man speculates that his hairline is growing back and he thinks that he is never making a mistake on this speculation.

The source of this breaking news? The baldish man.

I don't quite understand this, which I assume is irony. FYI, I have a good hairy head.

Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Do not make the mistake of being tricked by the baldish man. This appeal is created to spread fear, uncertainty and doubt.

Instead of continuing to make fun of the bald guy, explain one thing to me: according to you, if Ripple and the rest of shitcoins are not securities, what are they?

I am only finding humor on uncle Gary's reaction hehe.

In any case, if you are asking about my unqualified opinion, my honest reply would be I do not know what they are. Are they commodities, currencies or utility tokens? I do not know. However, what I know is the SEC certainly also does not know what they are because they do not have clear guidelines. It took a judge to make a ruling for them that XRP tokens by themselves are not illegal securities.

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Quote from: Baofeng on July 22, 2023, 05:30:09 PM

Of course they have the right to appeal, but I guess the first ruling will stick and I'm not seeing that Gary will get any attentions with this appeal. It's done already, Ripple is not a security.

You guess that based on what? A hunch?

Quote from: Gozie51 on July 22, 2023, 09:37:40 PM

The first judgement is already an edge and to upturn it may seem that the court is biased.

You say that because you know a lot about laws and trials, don't you?

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The baldman narration got me thinking how it all come together but now I know it was an irony Grin

The first judgement is already an edge and to upturn it may seem that the court is biased. The precedent will always be looked at because the evidence are part of the consideration.

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Lol, the irony of it, SEC is the way making an appeal. Not sure though, it has set precedence already, so I'm hoping that it won't be overturn or something because if it did then something is wrong with the US Law here.

Of course they have the right to appeal, but I guess the first ruling will stick and I'm not seeing that Gary will get any attentions with this appeal. It's done already, Ripple is not a security.

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Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Breaking news.

A baldish man speculates that his hairline is growing back and he thinks that he is never making a mistake on this speculation.

The source of this breaking news? The baldish man.

I don't quite understand this, which I assume is irony. FYI, I have a good hairy head.

Quote from: bbc.reporter on July 21, 2023, 11:27:26 PM

Do not make the mistake of being tricked by the baldish man. This appeal is created to spread fear, uncertainty and doubt.

Instead of continuing to make fun of the bald guy, explain one thing to me: according to you, if Ripple and the rest of shitcoins are not securities, what are they?

bbc.reporter

legendary

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Breaking news.

A baldish man speculates that his hairline is growing back and he thinks that he is never making a mistake on this speculation.

The source of this breaking news? The baldish man.

Do not make the mistake of being tricked by the baldish man. This appeal is created to spread fear, uncertainty and doubt.

The US Securities and Exchange Commission (SEC) asked a federal judge today to appeal parts of a recent ruling in the Ripple Labs case. The SEC says the decision doesn’t square with existing securities laws.

Read in full https://watcher.guru/news/sec-signals-appeal-to-crypto-ripple-ruling

Topic: SEC signals appeal to XRP ruling (Read 615 times)