-AD-
-AD-
HomeNewsRipple's XRP Advocates Dispute Bloomberg's False Reporting on SEC's Appeal

Ripple’s XRP Advocates Dispute Bloomberg’s False Reporting on SEC’s Appeal

- Advertisement -
  • The SEC signals intent to appeal the XRP non-security decision.
  • XRP community members and legal experts respond vociferously to Bloomberg’s coverage.

Bloomberg Ignites Controversy with SEC v. Ripple Reporting

Bloomberg Crypto recently sent shockwaves through the cryptocurrency world, particularly among the XRP community, when it reported the SEC’s plans to appeal the court’s ruling on XRP’s non-security status. Sonali Basak, from Bloomberg, elaborated on this through an analysis of the ongoing SEC v. Ripple lawsuit.

Mixed Reactions and Clarifications

This reporting drew ire and swift responses on X (previously known as Twitter). Many XRP advocates targeted Bloomberg and Basak, accusing them of misleading their audience. Among the voices correcting the narrative, one significant one stood out — prominent XRP Youtuber, Van Winkle. According to the enthusiast, Judge Torres had definitively ruled that XRP was not a security and asserted that the SEC was not appealing this specific designation.

Adding more weight to the community’s reaction was Attorney John Deaton. The legal expert, who notably represented the XRP community in the SEC v. Ripple lawsuit, expressed willingness to appear on Bloomberg. His intent? To set the record straight. Deaton highlighted his readiness to delve into the nuances of the SEC’s interlocutory appeal, emphasizing Ripple’s rebuttal to the regulatory body’s claims. As of this moment, Bloomberg hasn’t indicated if they would accommodate Deaton’s offer.

Diving Deeper: The SEC’s Stand on XRP

While the whirlwind of reactions continues, it’s pivotal to understand the essence of the SEC’s recent moves. Just a week ago, the SEC approached the courts to certify an interlocutory appeal in connection with the Ripple case. Their objective revolves around revisiting Judge Torres’ stance on Ripple’s systematic XRP sales and its other distributions — both of which were categorized as non-securities by the court.

Yet, the intriguing aspect is the SEC’s own admission. In their appeal, they conveyed the notion that the ruling embodies pivotal legal questions which are grounds for diverse opinions. This perspective, they argue, is also shared by Judge Rakoff in the Terra case, who recently showcased reservations about the logic employed by Judge Torres.

However, amidst this legal jostling, the SEC did make one clear acknowledgment: the digital assets, including XRP, are not in themselves securities. Their contention doesn’t revolve around challenging the fundamental nature of the XRP asset, but seemingly the operations and transactions related to it.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES