Amerykańska Komisja Papierów Wartościowych i Giełd (SEC) dąży do uchylenia orzeczenia korzystnego dla Ripple w sprawie XRP

W toku legalna bitwa między U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the SEC has złożył odwołanie kwestionować orzeczenie z lipca 2023 r. Warto zauważyć, że w lipcu 2023 r. sędzia Analisa Torres orzekła, że ​​bezpośrednia sprzedaż Ripple'a inwestorom instytucjonalnym naruszała przepisy dotyczące papierów wartościowych, ale nie sprzedaż programowa i dystrybucja.

The recent appeal focuses on whether Ripple’s sales of XRP to retail investors qualify as unregistered securities transactions under federal law. This case has major implications for the cryptocurrency industry, especially concerning how XRP is classified and whether it can be considered a security.

SEC kwestionuje orzeczenie sądu rejonowego

The SEC’s appeal was formally filed late on Wednesday and challenges the district court's decision, which partially favored Ripple. The court ruled that Ripple’s sales of XRP to retail investors, conducted through cryptocurrency exchanges, did not qualify as a violation of federal securities laws. The SEC disagrees with this ruling, particularly the court’s conclusion that transactions on crypto exchanges did not meet the Howey Test—the legal standard used to determine if an asset qualifies as a security.

In its appeal, the SEC argues that Ripple’s promotional activities created a reasonable expectation of profits among investors, thus turning XRP into an investment contract under the Howey Test. The SEC points out that Ripple's marketing strategies, which included outreach on social media and other platforms, gave retail investors the belief that they could profit from holding XRP, regardless of how the token was sold.

SEC skupia się na działaniach promocyjnych Ripple'a

A key part of the SEC’s argument lies in Ripple’s promotional efforts. The agency asserts that Ripple’s activities were designed to increase demand for XRP and create a perception of value among both institutional and retail investors. According to the SEC, Ripple’s marketing generated expectations that XRP would increase in value, making it function like a security.

The SEC’s appeal also challenges the district court’s exclusion of XRP distributed in non-cash transactions, such as employee compensation and business incentives, from securities laws. The SEC argues that these types of transactions meet the “investment of money” criterion outlined in the Howey framework, meaning they should be considered as part of an investment contract.

Spór o „umowy inwestycyjne”

At the heart of this case is whether Ripple’s sales of XRP to retail investors and through various non-cash transactions should be classified as investment contracts. The SEC argues that all XRP transactions, no matter how or through whom they are sold, qualify as securities under the Howey Test. Ripple, on the other hand, maintains that XRP is a digital currency, not a security, and that the sales should not be subject to securities laws.

 

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Ripple has previously pointed to the district court’s ruling, which determined that programmatic sales of XRP on exchanges do not meet the criteria for an investment contract. The SEC disagrees, asserting that the identity of the seller or the method of sale is irrelevant. It emphasizes that the expectations of profit were driven by Ripple’s actions, not the medium through which the sales occurred.

Szersze cele i potencjalne rezultaty SEC

The SEC’s appeal aims to reverse the district court's final judgment that favored Ripple, seeking to establish that all sales of XRP, including those to retail investors, are unregistered securities offerings. If the SEC succeeds in this appeal, the case would return to the district court for further proceedings, where a judge would decide what actions to take against Ripple and whether Ripple’s executives are liable for violating securities laws.

Ponadto SEC oznajmiła, że ​​zamierza podjąć „dodatkowe środki zaradcze”, które mogą obejmować surowsze kary dla Ripple i jego kadry kierowniczej, jeśli zostaną uznani za winnych naruszenia federalnych przepisów dotyczących papierów wartościowych.

Ripple odpowiada: „Powtórka nieudanych argumentów”

Główny radca prawny Ripple, Stuart Alderoty, odrzucił apelację SEC, uznając ją za „powtórkę już nietrafionych argumentów”. wpis XAlderoty skrytykował stanowisko SEC, sugerując, że sprawa agencji straci na znaczeniu pod rządami nowej administracji SEC. 

“As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration,” Alderoty noted. “We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is właśnie noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”

Ripple’s defense throughout this case remained consistent: XRP is not a security. Ripple’s argument is that XRP is a digital currency, much like Bitcoin or Ethereum, and should be treated as such.