Ripple Labs’ chief legal counsel criticizes the U.S. Securities and Exchange Commission (SEC) for seeking an appeal in the recent XRP court ruling. The lawyer accuses the SEC of hypocrisy, as it previously emphasized the importance of adhering to clear rules but now argues for an urgent appeal to address legal complexities. The SEC argues that the court’s ruling on programmatic sales and other distributions presents complicated legal questions, with contradictory conclusions reached in different courts regarding similar offers and sales. Furthermore, the SEC claims that the defendants failed to cite any relevant cases related to the Howey test, used to determine whether an asset qualifies as a security.
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