SEC Appeals XRP Lawsuit Verdict

In recent court filings against Terraform Labs and Do Kwon, the U.S. Securities and Exchange Commission (SEC) indicated that an appeal would be submitted against the XRP lawsuit verdict.

The commission believes that federal judge Analisa Torres erred in her landmark crypto market ruling.

The SEC stated in court filings that its staff is evaluating the various avenues for further review and will recommend a study in the XRP lawsuit ruling.

It was added that Ripple’s reasoning appears incompatible with all foundational securities law principles.

Paul Grewal, the Chief Legal Officer of Coinbase, was aware of the SEC court filings in the Do Kwon case.

He stated that the commission has been unable to identify a single instance in which the level of the Howey Test varied depending on the nature of the investors involved.

He added that the SEC has never been able to present a case based on its assumptions, and once again, they wish to dispute policy over the law as it currently stands.

However, Coinbase, the largest crypto exchange in the United States, is also confronting significant legal action from the SEC. Coinbase is allegedly in violation of securities and trading laws.

Mark Cuban, a multibillionaire investor, emphasized that the SEC refers to every buyer as an investor in response to this presumption presented by the SEC. In the meantime, this is not the case, as Ripple has made plain.

Cuban stated that the sole purpose of security is to be secure. It becomes impossible for DeFi or CEX buyers to determine why a consumer is purchasing.

Nevertheless, it is feasible to examine the blockchain and verify token-based transactions.