SEC hints at potential appeal to XRP ruling from Ripple Labs lawsuit

against Terraform Labs and its founder, Do Kwon, over allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.”

As per the SEC’s July 21 response to a motion to dismiss from Terraform Labs — in which the potentially precedent-setting Ripple Labs ruling was referenced by the defendants — the SEC highlighted a host of issues it holds against the court’s recent decision on XRP. “Contrary to Defendants’ assertions, much of the Ripple ruling supports the SEC’s claims in this case and rejects arguments Defendants have raised here. However, with respect to the Programmatic and other sales, the SEC respectfully avers that Ripple conflicts with and adds baseless requirements to Howey and its progeny,” the SEC stated, adding:

“Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”

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