In a case last month, a federal judge decided that most sales of a token called XRP didn't qualify as securities transactions.
The Securities and Exchange Commission is wasting no time in trying to overturn its most significant loss ever in a crypto case–an attempt that will have wide implications for the token market and trading platforms like Coinbase.
Now, the SEC is fighting back. On Thursday, Torres granted the SEC’s request to ask for an “interlocutory” appeal of her decision. Once the SEC makes its motion and Ripple has a chance to contest it–a back and forth that is scheduled to last until mid-September–Torres will decide whether the agency can in effect dispute her token ruling in appellate court months before it would be able to otherwise.
Don’t underestimate the appeal’s importance for firms like Coinbase and the token market. The SEC sued Coinbase in June, alleging that its trading platform is an unregistered securities exchange. If tokens such as XRP aren’t securities–and if transactions on secondary markets like Coinbase also don’t meet that hurdle–then it will be much harder for the SEC to make its case. On Thursday, shares of Coinbase traded down about 4.4% to $75.56, mirroring weakness in the token market.
Meanwhile, Torres’ decision could have an impact on many other crypto cases the SEC has brought or could bring in the future. Already, crypto defendants are using her ruling to bolster their own cases.
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