Terra Vs US SEC: Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine
US SEC Denies Commonality Of Ripple Ruling In Terra Case According to a filing in the District Court for the Southern District of New York on July 21, the US SEC contradicts Judge Analisa Torres’ summary judgment ruling in the Ripple lawsuit. Moreover, SEC will appeal against the court’s ruling that XRP is a security, denying its relevance in Terraform and Do Kwon lawsuit. advertisement SEC argues that institutional sales support the SEC’s arguments and programmatic sales decision is incorrect and should not be followed by the court. In addition, it reasons that the ruling can’t be squared with Howey and decades of federal securities laws jurisprudence. “Those portions of Ripple were wrongly decided, and this Court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.” Terra and Do Kwon lawyers filed a supplemental authority thi...