TL;DR
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Yesterday, the SEC indicated that they plan to appeal the recent decision of a court that found the cryptocurrency, XRP, is not a security.
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The SEC wants the decisions made so far in the case to be reviewed before the case is officially closed.
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Why? Because this case a huge deal (hence the bold, underline, italics) for the SEC and the future of crypto.
Full story
We said we’d keep you updated on things that happened with the SEC vs. Ripple case, and we intend to do just that.
So here’s the latest:
Yesterday, the SEC indicated that they plan to appeal the recent decision of a court that found the cryptocurrency, XRP, is not a security.
In their official report they stated that: “Interlocutory review is warranted here.”
Wtf is ‘interlocutory’? Good question.
An “interim” appeal asks the Court to review decisions made while a case is still pending.
In other words, the SEC wants the decisions made so far in the case to be reviewed, even before the case is officially closed.
Why? Because this case a huge deal (hence the bold, underline, italics) for the SEC and the future of crypto.
Set such a legal precedent and all of a sudden it makes all future “commodity vs. security’ cases much harder for the SEC to win.
If we may be so bold: it creates a ‘Ripple Effect’.
So there it is.
The latest in the SEC vs. Ripple Labs.