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Last week, District Court Judge Torres ruled in the Ripple case regarding motions for summary judgement. In this post, I tried to explain why the ruling was misreported in crypto media. I recommend reading this article from Protos for perspective. Yesterday, the SEC submitted a filing in its action against Do Kwon asking the court to ignore the ruling by Judge Torres. It's important to note that District Court rulings are not binding on other courts. SEC held that Ripple misconstrued the "efforts of others" analysis of Howey and improperly added their own requirements in arguments that the sale required direct promise to each individual buyer. This is not the case and these factors are not part of the Howey analysis as applied in other cases. SEC also noted that the Judge Torres' summary judgement offers investor protections to institutional investors but not to retail investors for the same asset. My impression was that the Judge refrained from summary judgement on programmatic sales as it was comparable to secondary sales, which was not yet brought before the court. But if Howey was improperly applied with direct and indirect sale criteria which has never historically mattered and does not matter for equities and other securities, then it's likely to be overturned. [link] [comments] |
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