{"id":9434,"date":"2025-01-24T04:46:53","date_gmt":"2025-01-24T04:46:53","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9434"},"modified":"2025-01-24T04:46:53","modified_gmt":"2025-01-24T04:46:53","slug":"better-markets-files-amicus-brief-backing-sec-in-ripple-case","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9434","title":{"rendered":"Better Markets Files Amicus Brief Backing SEC in Ripple Case"},"content":{"rendered":"
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Better Markets, a non-profit advocating for financial reform, has filed an Amicus brief supporting the U.S. Securities and Exchange Commission (SEC) in its ongoing legal battle with Ripple Labs.<\/p>\n

The organization argues that a prior decision by the District Court for the Southern District of New York undermines investor protections.<\/p>\n

Ripple\u2019s Victory Under Scrutiny<\/h2>\n

In its brief<\/a>, Better Markets claims that XRP qualifies as a security. The non-profit also asserted that the district court\u2019s ruling weakened the Howey test, a cornerstone of U.S. securities laws, by narrowing the definition of \u201cinvestment contracts.\u201d<\/p>\n

According to the organization, the court excluded many crypto transactions from regulations, potentially exposing investors to fraud. It claims that retail traders are at risk since the SEC now has a diminished capacity to protect less sophisticated investors from fraudulent schemes because of the court\u2019s interpretation of the law.<\/p>\n

Ripple won a partial victory<\/a> against the SEC in a case the regulator brought against it, alleging the payments platform conducted an unregistered securities offering by selling XRP.<\/p>\n

In that ruling, District Judge Analisa Torres declared the token was not a security when sold to retail investors on crypto exchanges. However, she found it violated securities laws when offered to institutional investors.<\/p>\n

Legal Expert Dismisses Better Markets\u2019 Action<\/h2>\n

Better Markets\u2019 move comes just a week after the SEC formally appealed<\/a> against Judge Torres\u2019 ruling, asking the U.S. Court of Appeals for the Second Circuit to overturn it. While the agency called the judge\u2019s decision \u201cfactually and legally\u201d wrong, Ripple\u2019s top attorney, Stuart Alderoty, described the appeal as \u201ca rehash of already failed arguments.\u201d<\/p>\n

The brief has sparked reactions from legal experts and the crypto community at large. Some have pointed out ties between the Better Markets CEO Denis Kelleher and the Biden administration, where he was part of the transition team, alleging bias.<\/p>\n

Lawyer Jeremy Hogan has\u00a0criticized<\/a> the organization\u2019s argument as\u00a0lacking substance and failing to engage with the court\u2019s finding.<\/p>\n

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\u201cBetter Market\u2019s Amicus Brief was hard to read. Not because I don\u2019t think this case will ever be ruled on by the appellate court, but because it COMPLETELY misses (or misconstrues?) what the Trial Judge ruled,\u201d he said.<\/p>\n<\/blockquote>\n

The post Better Markets Files Amicus Brief Backing SEC in Ripple Case<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Better Markets, a non-profit advocating for financial reform, has filed an Amicus brief supporting the U.S. Securities and Exchange Commission (SEC) in its ongoing legal battle with Ripple Labs. The organization argues that a prior decision by the District Court for the Southern District of New York undermines investor protections. Ripple\u2019s Victory Under Scrutiny In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-9434","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9434"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9434\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}