In a recent update on X (formerly Twitter), the chief technology officer of Ripple Labs, David Schwartz, brought attention to a recent development involving the United States Securities and Exchange Commission’s (SEC) appeal.
According to Schwartz, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet concluded. This understanding affords involved parties the privilege to appeal after the finalization of the case. This procedural strategy is intended to enhance the legal proceedings’ efficiency and avoid continuous disruptions to the main case due to multiple appeals concerning minor decisions.
Following Judge Analisa Torres’ July 13 ruling that XRP (XRP) is not a security when sold on digital asset exchanges, the SEC has since submitted an appeal. Although prompted by the favorable verdict for Ripple, this move by the SEC focuses on an unforeseen development within the legal proceedings.
Yes. A party that loses on any claim or issue in their suit is entitled to appeal any adverse rulings at the conclusion of the suit. The SEC is asking for permission to appeal here because the suit is not complete yet for any party.
Schwartz stressed that combining appeals is vital to improve things, with separate appeals likely to make the legal process even longer.
However, the exec clarified a rule for special situations. The SEC argues that the unique situation, in this case, is a reason to do things differently. It suggests stopping the process until the appeal is settled, but Ripple disagrees.
Ripple believes that even if the SEC can appeal, the main lawsuit should proceed while the appeal process happens. This matches the idea of letting the trial continue and looking at appeals carefully when everything else is done.
Schwartz provided more information because of rumors in the Bitcoin community about discussions that the SEC might want to appeal Torres’ decision to higher courts.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
More from Politics
Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.