SEC hints at appealing XRP decision

Got some breaking news. So, there's this guy who's kinda bald and he thinks his hair is coming back... and he believes he’s totally right about it. But where's this news coming from? Yep, you guessed it, our bald friend. Don't let him fool you though. This appeal is just a way to stir up fear, uncertainty, and doubt. Today, the US Securities and Exchange Commission (SEC) reached out to a federal judge to appeal certain aspects of the recent Ripple Labs ruling. They claim the decision doesn’t align with current securities laws.

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

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.

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

You guess that based on what? A hunch? You say that because you know a lot about laws and trials, don't you?

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.

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.

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.

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.

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.

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. 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).

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.

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.

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.

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

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.

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.

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.

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.