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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Experts Explain Why SEC’s Interlocutory Appeal In Ripple Case Was A Mistake

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ripple XRP SEC

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The United States Securities and Exchange Commission (SEC) recently filed an interlocutory appeal following Judge Analisa Torres’ ruling in favor of Ripple. However, an attorney and crypto enthusiast Greg Beuke believes the SEC made a mistake in appealing the decision. 

SEC Misunderstood Judge Torres’ Ruling 

Reacting to the news that the SEC had filed a motion to certify an interlocutory appeal, Beuke stated that the regulator “fundamentally misunderstands” the ruling. According to him, the Judge didn’t rule programmatic sales cannot constitute investment contracts.  

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He explained that Judge Torres only ruled that programmatic sales didn’t 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’s efforts.

The SEC also failed to adduce any significant evidence to bolster its case. Beuke highlighted that the agency didn’t provide any “single XRP holder” who said he expected to profit from Ripple’s venture despite that being the basis of the SEC’s argument. Instead, it relied on “cherry picked statements from Ripple & select employees,” which the attorney believes was inadequate to discharge the burden of proof placed on the SEC.

Beuke further called the SEC’s move of an interlocutory appeal a “huge strategic mistake.” 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. 

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’s case, as Beuke argues. He believes that the Judge will make it clear that the SEC failed to discharge its burden of proof. 

Ripple (XRP) price chart from Tradingview.com (SEC)

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. 

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While the appeal court might be inclined to accept the SEC’s underlying argument that XRP’s programmatic sales did indeed constitute an investment contract, Beuke has stated the court will avert its mind to Judge Torres’ ruling, which was based “on the undisputed factual record,” which shows that the SEC failed to prove its case.

The SEC is likely to lose as it was expected to prove that a “reasonable retail XRP purchaser was aware of Ripple and relied on Ripple’s efforts for profits.” 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
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. 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.

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Scott’s 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’s 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’s 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’s 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.

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