Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine – Crypto News – Crypto News
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Terra Vs US SEC: Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine Terra Vs US SEC: Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine

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Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine – Crypto News

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The US Securities and Exchange Commission (SEC) on Friday responded to Terraform Labs and Do Kwon’s motion to dismiss the lawsuit based on Judge Torres’ summary judgment ruling in the US SEC v. Ripple Labs case. Coinbase chief legal officer Paul Grewal and pro-XRP attorneys reacted to the SEC’s contradicting decision in the XRP lawsuit.

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. Furthermore, the SEC will appeal against the court’s ruling that XRP is a security, denying its relevance in the Terraform and Do Kwon lawsuit.

The 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 cannot 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 supplementary authority this week in support of the motion to dismiss the lawsuit by the SEC. It claimed that Judge Torres’ ruling in the SEC v. Ripple The lawsuit directly addresses defendants’ motion to dismiss the lawsuit and justify that UST, LUNA, wLUNA, MIR, or mAssets are not investment contacts.

Also Read: US SEC Gives First Hint On Seeking XRP Ruling Appeal

Coinbase CLO And XRP Attorney’s Reactions

Paul Grewalchief legal officer of Coinbase, noted that the SEC once more argues its approach to Howey over the XRP ruling. Billionaire Mark Cuban also replied to Grewal, saying that Ripple made it clear that not every buyer is an investor and blockchain data clearly indicates the utility of the token.

Pro-XRP attorneys John Deaton and others also respond to the SEC’s view that Ripple’s ruling is “incorrect” and will appeal against the court’s decision. Deaton said even if the SEC was successful in appealing Judge Torres’ ruling, all that happens is a Remand. Judge Torres is likely to determine that the Securities and Exchange Commission failed to demonstrate the common enterprise factor between Ripple and XRP holders in the secondary market.

Also Read: Ripple Seeks Approval Of Licenses In UK And Ireland After XRP Win Against SEC

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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