SEC lawyers told a federal judge that portions of the Ripple Labs case that went against the agency were wrong and should be ignored.
that determined that “blind bid” or “programmatic” sales of XRP to third parties did not fit all the criteria of a securities offering. The lawyers would not ask the judge to ignore the ruling if they did not believe a decision to appeal would come from the commission, which has to vote on litigation.
The SEC has made similar arguments that the sales of those tokens were illegal, though they also accuse Terraform and Kwon of $40 billion worth of outright fraud, an allegation not made in the Ripple case. The judge in the Ripple case “correctly concludes that defendants’ extensive public statements promoting XRP created in institutional buyers reasonable expectations of profits from Ripple’s efforts,” SEC lawyers wrote the court in their ongoing Terraform proceedings. But they argued that “the same result should have followed directly with respect to retail buyers too.
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