Partner Teresa Goody Guillén was quoted in an Aug. 10 DL News article about a request that the Securities and Exchange Commission (SEC) has just made to appeal its recent loss in a case involving Ripple Labs.
The SEC filed its request to appeal a July court decision that Ripple’s XRP token did not qualify as a security when it was sold via exchanges to the public.
The question of whether (or under what circumstances) a crypto token may be considered a security has yet to be answered because there have been contradictory court decisions. As Goody Guillén explained to DL News, although the Ripple decision rejected what a different court had decided previously, “another court could explicitly reject this decision just as easily.”
Additional reading:
- “Ransomware spoils crypto industry clean up” (The Financial Times Cryptofinance newsletter; subscription required).
- “SEC faces ‘wake up call’ after Ripple ruling, though appeal likely” (The Block).
- “What Ripple’s Partial XRP Win Means for Other Crypto Firms Fighting SEC” (CoinDesk).
- “Ripple vs. SEC – a $200m showdown that’s been brewing for two decades” (DL News).