Breaking: SEC files reply brief to Ripple in further support of its motion to certify an Interlocutory appeal

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Breaking: SEC files reply brief to Ripple in further support of its motion to certify an Interlocutory appeal
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The SEC has filed its reply memorandum in further support of its motion to certify interlocutory appeal.

The US Securities and Exchange Commission has filed a reply brief supporting its motion to certify an interlocutory appeal.

Per the plaintiff, the defendant is ignoring and mischaracterizing the Supreme Court and Second Circuit cases involving the Howey guideline despite them being pivotal to the case regarding interlocutory appeal certification. With these, The SEC asks the Court to grant the plaintiff’s motion for interlocutory appeal and stay further proceedings until the resolution of that appeal.It depends on the transaction, according to a court ruling released on July 14:For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.The United States Securities & Exchange Commission accused Ripple and its executives of raising more than $1.

Still, the ruling doesn’t help much to answer the key question of what makes a digital asset a security, so it isn’t clear yet if this lawsuit will set precedent for other open cases that affect dozens of digital assets. Topics such as which is the right degree of decentralization to avoid the “security” label or where to draw the line between institutional and programmatic sales are likely to persist.

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