SEC to seek interlocutory appeal in Ripple case
The United States Securities and Exchange Commission is moving to appeal a July court decision from its lawsuit against Ripple Labs, which had ruled the sale of XRP (XRP) is not a security when sold to retail investors.
In an Aug. 9 letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court.
It asked Judge Torres to put the case on hold during the appeal saying there are multiple other pending court cases that could be affected depending on the appeal’s outcome. The SEC is currently in a legal battle with a number of crypto firms including Binance and Coinbase over alleged securities violations.
“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed,” the SEC wrote.
The SEC added it seeks to certify the court’s decision that Ripple’s programmatic XRP offers and sales on crypto exchanges and individual sales were not securities.
AND… the SEC continues making questionable decisions, requesting an interlocutory appeal.
Note that it is NOT appealing whether XRP itself is a security – just its losses on the programmatic and individual sales issues. https://t.co/GziVLp23mT
— Jeremy Hogan (@attorneyjeremy1) August 9, 2023
The SEC also highlighted the judge’s decision in its suit against Terraform Labs who rejected Torres ruling, saying cryptocurrencies sold on exchanges could also be securities.
Related: CoinGecko now has an index for crypto tokens alleged as securities
The SEC’s letter comes nearly a month after Ripple scored a partial victory over the SEC in regard to the securities status of XRP.
Torres ruled that the XRP token was not, in itself a security. She however said sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.
Hall of Flame: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win
Additional reporting by Jesse Coghlan.
Reform UK chairman Zia Yusuf has reversed his decision to quit the party, saying “the mission is too important” and that he “cannot let people down”.
Instead, he said he will return in a new role, heading up an Elon Musk-inspired “UK DOGE” team.
In a statement, he said: “Over the last 24 hours I have received a huge number of lovely and heartfelt messages from people who have expressed their dismay at my resignation, urging me to reconsider.”
He added: “I know the mission is too important and I cannot let people down.
“So, I will be continuing my work with Reform, my commitment redoubled.”
Mr Yusuf said he would be returning in a new role, seemingly focusing on cuts and efficiency within government.
He said he would “fight for taxpayers”.
Only two days prior, Mr Yusuf dramatically handed in his resignation.
He claimed he no longer thought getting a Reform government elected was a “good use of my time” – but has now seemingly changed his mind.
Reform UK leader Nigel Farage welcomed the news of Mr Yusuf’s return.
He said: “I am delighted that Zia Yusuf will head up Reform UK’s DOGE department.”
Nigel Farage welcomed Zia Yusuf’s return. File pic: PA
Read more:
Why did Zia Yusuf resign as chairman of Reform UK?
Reform’s rise forces rethink for SNP
‘Farage could become PM’
Mr Yusuf’s initial decision to quit came after he publicly distanced himself from the party’s new MP, Sarah Pochin, when she asked Sir Keir Starmer about banning the burka at Prime Minister’s Questions.
Reform said a ban was not party policy – and the chairman called it a “dumb” thing to ask.
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What is DOGE?
DOGE is a meme-coin inspired creation of Musk’s, standing for the Department of Government Efficiency.
It is the latest right-wing US import into British politics.
Before his public fallout with Donald Trump, the tech billionaire said his focus was saving taxpayers’ money by locating wasteful spending within government and cutting it.
Read more: How Elon Musk’s mission to cut government spending fell flat
However, opposition politicians questioned the impact of his efforts and how much he actually saved.
Musk initially had ambitions to slash government spending by $2trn (£1.5trn) – but this was dramatically reduced to $1trn (£750bn) and then to just $150bn (£111bn).
Singapore’s ousting of unlicensed firms was not a sudden move and it’s among several regions tightening licensing duties.
Allegations on the president’s ties to the crypto industry and claims of “Trump derangement syndrome” clouded attempts to reach an agreement on a market structure bill in Congress.
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