As a seasoned analyst with over two decades of experience in the financial industry, I find myself intrigued by Ripple’s latest move to file its pre-appeal statement. Having closely followed the XRP saga, I can’t help but feel a sense of deja vu as this case seems to be on an endless loop.
In a move forward, the blockchain company based in San Francisco, Ripple, has submitted its preliminary statement of appeal (Form C), detailing the particular points they intend to discuss during their joint appeal.
The business is inquiring if an investment agreement can truly be considered a legal contract. Notably, attorney Jeremy Hogan, who has built a substantial following within the XRP community, has opined that if Ripple prevails on this matter, it could advantage the wider industry more than the company itself. As per Hogan’s observation, Rippe’s sales of XRP were indeed governed by a contractual agreement.
Just as anticipated, Ripple plans to challenge the fundamental aspects of the Howey Test, a legal guideline dating back several decades that helps classify financial transactions as investment contracts.
The business has reinstated its argument known as the “fair notice” defense, which a court dismissed regarding institutional sales in July of last year.
In response to the August final judgment’s prohibition on selling unregistered securities, Ripple aims to lift this restriction. As stated by Hogan, Ripple is eager to free itself from the shadow of this court order that currently impedes its operations.
According to a report from U.Today, Ripple’s top legal official, Stuart Alderoty, anticipates that the initial decision might be broadened in the future.
In relation to the Form C submission, the Chief Legal Officer (CLO) has further highlighted that the regulatory body does not intend to question XRP’s legal status. He stated, “The Securities and Exchange Commission (SEC) acknowledges the existing ruling, which currently serves as the law of the land.
He has also slammed the SEC for trying to “create distraction and confusion” while also downplaying its appeal as “background noise.”
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2024-10-25 11:35