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.
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
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