🚀 Ripple Labs Files Appeal With US Second Circuit Court
'#RippleLabs #appeal #USCourt #SecondCircuit #legalproceedings'
According to Odaily, Ripple Labs Inc. has submitted a notice of appeal to the United States Court of Appeals for the Second Circuit. This development follows ongoing legal proceedings involving the company.'#RippleLabs #appeal #USCourt #SecondCircuit #legalproceedings'
🚀 SEC's Legal Battle With Ripple Enters Critical Phase
#SEC #Ripple #XRP #legalbattle #SecondCircuit #courtappeal #cryptocurrency #digitalassets #regulatoryframework #Garlinghouse #Alderoty #civilpenalty
According to Odaily, the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has reached a pivotal stage as the case moves to the Second Circuit Court of Appeals. The SEC has removed the civil lawsuit related to Ripple from its website, signaling a significant development in the ongoing dispute over the classification of XRP. However, a user on X, claiming to be a lawyer, noted that the removal from the SEC's website is not crucial, as the appeal remains active in the national PACER court system. The user mentioned that the latest record shows Ripple requesting an extension for filing briefs, with the case status still marked as 'ongoing,' though changes may occur soon.
Ripple's legal team has officially requested to submit a response brief by April 16, 2025, as per documents filed by January 23, 2025. The SEC released its opening brief on January 15, 2025, aiming to overturn key aspects of a previous ruling, particularly concerning the sale of XRP to retail investors. The district court had previously determined that while XRP itself is not a security, Ripple's direct sales to institutional investors constituted securities transactions. Tokens sold through secondary trading platforms did not meet the securities criteria. The SEC now argues that retail investors expected profits based on Ripple's promotional activities.
Ripple CEO Brad Garlinghouse commented on the appeal, stating, "Doing the same thing over and over again and expecting different results." Ripple's Chief Legal Officer Stuart Alderoty described the appeal as a "rehash of already failed arguments." The initial $125 million civil penalty against Ripple remains in effect, significantly lower than the SEC's original demand of $1 billion. The outcome of this appeal is anticipated to impact the regulatory framework for digital assets and their classification in the United States.#SEC #Ripple #XRP #legalbattle #SecondCircuit #courtappeal #cryptocurrency #digitalassets #regulatoryframework #Garlinghouse #Alderoty #civilpenalty
🚀 U.S. Appeals Court Upholds Dismissal Of Uniswap Class Action Lawsuit
#Uniswap #ClassAction #Lawsuit #SecondCircuit #DecentralizedExchange #SmartContracts #SEC #Investors #LegalVictory
According to CoinDesk, the U.S. Court of Appeals for the Second Circuit has upheld a previous decision by a lower court to dismiss a class action lawsuit against Uniswap, a decentralized exchange. The lawsuit, initiated by a group of investors in 2022, accused Uniswap Labs and its venture capital backers of enabling the issuance of scam tokens on its platform, thereby harming investors.
In 2023, District Court Judge Katherine Polk Failla of the Southern District of New York ruled in favor of Uniswap, dismissing the lawsuit before it could proceed to trial. Judge Failla compared the plaintiffs' claims to holding applications like Venmo or Zelle accountable for illegal activities facilitated through their platforms. The plaintiffs appealed this decision in September 2023, but the Second Circuit's recent ruling largely supports Failla's judgment, rejecting the claims under both the Securities Act and the Exchange Act. The appellate court stated that it is illogical to hold the creator of a smart contract liable for a third party's misuse of the platform.
However, the Second Circuit did vacate and remand a portion of Failla's ruling concerning state law claims. This means that the lower court will revisit these claims, which aim to address similar allegations under state laws in New York, North Carolina, and Idaho. This development represents a significant victory for Uniswap, especially following the U.S. Securities and Exchange Commission's (SEC) decision to cease its investigation into the exchange. The SEC, under former Chairman Gary Gensler, had been investigating Uniswap for potentially operating as an unregistered securities broker and exchange, as well as for issuing an unregistered security.#Uniswap #ClassAction #Lawsuit #SecondCircuit #DecentralizedExchange #SmartContracts #SEC #Investors #LegalVictory