Ripple Responds to Terra Court Ruling, Counters SEC’s Appeal – Coinpedia Fintech NewsAugust 17, 2023
Ripple opposes SEC’s motion to appeal a recent court decision.
SEC points to differing judgment in the SEC vs. Terra case as a basis for appeal.
Ripple differentiates its XRP sales from Terra’s, citing distinct promotional strategies.
Amidst the web of courtroom battles and blockchain legalities, Ripple recently stepped up to challenge the Securities and Exchange Commission’s (SEC) intent to appeal the Judge’s ruling, and the company appears poised to defend itself, causing ripples in the crypto legal world.
Ripple’s Three-Point Defense
Ripple has laid out a comprehensive counter to the SEC’s anticipated appeal motion. This response is crafted on three strategic points. Initially, the company emphasized that the judgment given by Judge Analisa Torres on July 13 doesn’t hinge on a pivotal legal question.
Diving deeper, Ripple’s leadership asserted that the SEC failed to provide significant justification to indicate differing opinions on the matter. Lastly, they voiced concerns that the appeal wouldn’t necessarily hasten the end of this lawsuit.
SEC’s Grounds for Appeal
On the flip side, the SEC is not backing down. They’ve articulated their intent to challenge Judge Torres’ ruling concerning Ripple’s XRP sales and other distributions. Their contention revolves around a significant legal query that, in their view, holds substantial potential for debate.
Reinforcing their stance, the SEC highlighted a differing judgment in the SEC-Terra case. In this particular scenario, Judge Jed Rakoff, who presides over the Terra litigation, did not align with Judge Torres’ perspective in the Ripple case.
Distinguishing Ripple and Terra
At the heart of this legal drama, Ripple has gone to great lengths to differentiate its actions from those of Terra. The company underlined key disparities in its XRP sales compared to Terra’s strategies. Ripple was keen to spotlight the promises made by Terra and its chief, Do Kwon, which assured returns between 19-20% on initial investments in their coin. They further highlighted Terra’s aggressive promotional drive, urging both individual and institutional investors to buy their digital assets.
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