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HomeCrypto NewsMarketBloomberg Reports "SEC Moves to Appeal" XRP Non-Security Status, Community Reacts

Bloomberg Reports “SEC Moves to Appeal” XRP Non-Security Status, Community Reacts


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XRP community members criticize Bloomberg for reporting that the SEC is seeking to appeal Judge Torres’ decision on XRP’s non-security status.

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XRP community members have taken to X (formerly Twitter) to slam Bloomberg’s Sonali Basak over her recent SEC v. Ripple case analysis.

Bloomberg Says SEC Wants to Appeal XRP Non-Security Status

Yesterday, Bloomberg Crypto, the cryptocurrency channel of Bloomberg, shared video footage of Basak saying that the SEC is seeking permission to file an interlocutory appeal challenging the court’s decision that XRP is not a security.

The video also contains a portion of Bloomberg’s recent article dubbed “SEC moves to appeal Ripple ruling that XRP is not a security.” 

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In the video, Basak discussed other aspects of the lawsuit, including Judge Jed Rakoff’s rejection of Judge Analisa Torres’ logic in the case.


XRP Community Shade Bloomberg

Notably, Basak and Bloomberg have received backlash from XRP community members. Many XRP enthusiasts slammed Bloomberg for misinforming its viewers.

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Jeanne said:

Some enthusiasts clarified that Judge Torres ruled that XRP is not a security and that the SEC is not seeking to challenge the non-security status of XRP. Prominent XRP YouTuber Van Winkle is one of the enthusiasts who gave this opinion. 

Deaton Reacts 

Interestingly, Attorney John Deaton, who represented the XRP community in the SEC v. Ripple lawsuit, reacted to the trending video.

Reacting, Attorney Deaton said he is willing to visit the Bloomberg studio to clarify the current happenings in the SEC v. Ripple case if Basak cares about getting accurate information.

Deaton, who represented XRP holders in the lawsuit, said he would explain to Bloomberg’s viewers what the SEC requests in its interlocutory appeal. He also promised to highlight Ripple’s response to the commission’s request.

At press time, it is unclear whether Bloomberg will invite Attorney Deaton for a discussion.

SEC Admits XRP Isn’t a Security in Interlocutory Appeal Request

Meanwhile, the issue of SEC’s interlocutory appeal has attracted the crypto community’s attention. Recall that the SEC filed a motion last week to certify an interlocutory appeal in the Ripple case.

The securities regulator is seeking a review of Judge Torres’ decision on Ripple’s programmatic sales of XRP and other distributions. Recall that the court declared both transactions as non-securities.

However, the SEC stated that the ruling involves controlling questions of law on which there are substantial grounds for difference of opinion. In its argument, the SEC said the difference of opinion is already reflected by Judge Rakoff, the judge overseeing the Terra case, who recently disagreed with the logic Judge Torres relied on during her summary judgment decision.

Interestingly, the SEC admitted in the motion that digital assets themselves, including XRP, are not securities. The regulator pointed out that it does not seek an appellate review on any holding relating to the fact that the underlying asset- XRP- is not a security.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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