Marc Fagel, former official of US SEC, has recently revealed the primary reason behind SEC\u2019s pursuit of permission to certify an <\/span>interlocutory appeal in the ongoing<\/span><\/a> Ripple Vs SEC lawsuit. This revelation comes after Binance\u2019s recent motion to dismiss the SEC request to appeal, citing the Ripple ruling as a pivotal legal precedent.<\/span><\/p>\n Read More: <\/span>Custodia Bank Lawsuit Is The Main Deal Says XRP Lawyer Deaton<\/span><\/a><\/p>\n <\/p>\n With his extensive knowledge of securities litigation, Fagel confirmed that the SEC\u2019s appeal was a strategic move to counteract the implications of the Ripple ruling on its broader enforcement program. He stated that the SEC could have navigated around the ruling if it only pertained to issuers of securities-related assets and tokens. <\/span><\/p>\n However, the ruling\u2019s potential impact on pending litigations against crypto exchanges like Coinbase and Binance necessitated the appeal.<\/span><\/p>\n<\/blockquote>\n The SEC, sharing these concerns, argued that the court\u2019s decision on programmatic sales could significantly affect its ongoing litigations. The court, however, is yet to decide on the SEC\u2019s request to certify an interlocutory appeal.<\/span><\/p>\n <\/p>\n <\/p>\n Earlier, John Deaton, the founder of Crypto-Law.US, speculated that the<\/span> court might deny the SEC\u2019s request<\/span><\/a> to certify its interlocutory appeal. According to Deaton, if the court denies the request, the regulator must wait until the end of next year to challenge the ruling through a full appeal.<\/span><\/p>\n As reported by CoinGape, <\/span>\u00a0Binance has submitted<\/span><\/a> a memorandum of law to bolster its motion to dismiss the SEC case. The exchange lawyers emphasized the Ripple ruling to advocate dismissing the SEC\u2019s complaint. They argued that the U.S. District Court for the Southern District of New York, which oversaw the Ripple case, concluded that Ripple\u2019s programmatic sales of XRP were blind bid transactions and, therefore, do not qualify as investment contracts.<\/span><\/p>\n Binance\u2019s argument quickly referenced the Ripple ruling to support its case. The exchange\u2019s stance is that the ruling sets a precedent that could undermine the SEC\u2019s broader agenda against crypto exchanges. Attorney Morgan highlighted that the SEC anticipated other crypto-related companies like Binance and Coinbase leveraging the Ripple ruling in their defense strategies.<\/span><\/p>\n Read more: <\/span>Ripple CLO Alderoty, XRP Lawyer Deaton Accuse US SEC And Gensler<\/span><\/a><\/p>\n <\/p>\n \u2713 Share:<\/p>\nFagel Reveals US SEC\u2019s Broad Plan Behind the Appeal<\/b><\/h2>\n
\n
Will Binance Benefit If Court Denies SEC\u2019s Request?<\/b><\/h2>\n
![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/bb2db02531ca08606aa5fdd533609d02?s=200&d=mm&r=g\"\/)
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/bb2db02531ca08606aa5fdd533609d02?s=200&d=mm&r=g\")