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ARTICLE · 30 AUGUST 2023

The Effects Of Appeal Could Ripple Through Crypto Industry

Buchanan Ingersoll & Rooney
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While heralded as a major victory for the crypto industry, Judge Torres's ruling did not leave the SEC empty-handed.

United StatesTechnology
Brian North
Brian North
Jordan A. Yeagley
Jordan A. Yeagley
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On August 18, 2023, the U.S. Securities and Exchange Commission (SEC) filed a motion to certify an interlocutory appeal of two rulings of the U.S. District Court for the Southern District of New York in Securities and Exchange Commission v. Ripple Labs, Inc., et al. Specifically, the SEC seeks to challenge the District Court's July 13, 2023 Order (the Summary Judgment Order) that Ripple's programmatic sales of its XRP token on digital asset exchanges did not violate U.S. securities laws because retail buyers purchasing XRP on digital asset exchanges did not have the same expectations when purchasing XRP as institutional investors purchasing directly from Ripple.

Now, if SDNY Judge Analisa Torres determines that the Summary Judgment Order "involves a controlling question of law as to which there is substantial ground for difference of opinion" and that an immediate appeal of the interlocutory order would "materially advance the ultimate termination of

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