SEC caught red-handed again
Quote from zerpie on October 12, 2024, 10:20 amThe SEC is caught in the act again. Several cases have already been documented in which the commission lied in the Ripple court proceedings.
Now we learn that in the Bitnomial XRP Futures filing, the SEC was ignoring a ruling that it previously asserted it wouldn’t challenge. The accepted that the XRP token itself is not a security. Guess what. Now they’re acting towards Bitnomial as if they dispute it again.
As lawyer Bill Morgan spotted:
The SEC supported its assertion that XRP is a security by giving Bitnomial copies of its summary judgement briefs in SEC vs. Ripple. But did not note that the court rejected the SEC’s argument that all of the XRP sales at issue were investment contracts and found that the token itself was not a security. This is unbelievable.
So, the SEC remains insistent that XRP is a security, and the futures product should fall under joint jurisdiction with the CFTC (Commodity Futures Trading Commission).
Says Bitnomial CEO Luke Hoersten:
We want to introduce U.S. digital asset derivatives beyond bitcoin and ethereum. The courts have determined XRP is not a security in secondary market transactions, and it’s the natural next asset to list. The SEC will not accept their loss, forcing us to bring this suit against them.
Explains Ripple CLO Stuart Alderoty:
If this were a law school blue book exam, the hypothetical scenario would be: A regulatory agency loses in court but still threatens enforcement to pressure compliance, raising major constitutional concerns and further compromising the legitimacy of the agency.
This perhaps poses the perfect opportunity for ripple to destroy the SEC’s credibility once and for all. Posts Ripple CEO Brad Garlinghouse on X:
A new low for a renegade agency many thought couldn’t sink further. The SEC now believes it can operate above the law, ignoring a court’s ruling that XRP isn’t a security. Team Ripple will be watching closely and weighing our own options to hold the SEC accountable.
https://twitter.com/bgarlinghouse/status/1844856192318754844?ref_src=twsrc%5Etfw
The SEC is caught in the act again. Several cases have already been documented in which the commission lied in the Ripple court proceedings.
Now we learn that in the Bitnomial XRP Futures filing, the SEC was ignoring a ruling that it previously asserted it wouldn’t challenge. The accepted that the XRP token itself is not a security. Guess what. Now they’re acting towards Bitnomial as if they dispute it again.
As lawyer Bill Morgan spotted:
The SEC supported its assertion that XRP is a security by giving Bitnomial copies of its summary judgement briefs in SEC vs. Ripple. But did not note that the court rejected the SEC’s argument that all of the XRP sales at issue were investment contracts and found that the token itself was not a security. This is unbelievable.
So, the SEC remains insistent that XRP is a security, and the futures product should fall under joint jurisdiction with the CFTC (Commodity Futures Trading Commission).
Says Bitnomial CEO Luke Hoersten:
We want to introduce U.S. digital asset derivatives beyond bitcoin and ethereum. The courts have determined XRP is not a security in secondary market transactions, and it’s the natural next asset to list. The SEC will not accept their loss, forcing us to bring this suit against them.
Explains Ripple CLO Stuart Alderoty:
If this were a law school blue book exam, the hypothetical scenario would be: A regulatory agency loses in court but still threatens enforcement to pressure compliance, raising major constitutional concerns and further compromising the legitimacy of the agency.
This perhaps poses the perfect opportunity for ripple to destroy the SEC’s credibility once and for all. Posts Ripple CEO Brad Garlinghouse on X:
A new low for a renegade agency many thought couldn’t sink further. The SEC now believes it can operate above the law, ignoring a court’s ruling that XRP isn’t a security. Team Ripple will be watching closely and weighing our own options to hold the SEC accountable.
A new low for a renegade agency many thought couldn't sink further.
The SEC now believes it can operate above the law, ignoring a Court's ruling that XRP isn't a security.
Team Ripple will be watching closely and weighing our own options to hold the SEC accountable. https://t.co/9yMWsNHRde
— Brad Garlinghouse (@bgarlinghouse) October 11, 2024