- Katie Haun is the founder and CEO of Haun Ventures and a former US Department of Justice prosecutor.
- In a tweet on Sunday, Haun said the SEC is unlikely to appeal because it does not want to lose on appeal.
- After the judge’s summary judgment, the XRP price rose significantly.
Katie Haun, founder and CEO of Haun Ventures and former U.S. Department of Justice attorney, has filed an “immediate appeal” against the court’s decision, effectively declared by the U.S. Securities and Exchange Commission (SEC). I think it is unlikely that they will ask for it. XRP Not security.
SEC immediate appeal ‘unlikely’
Haun watching the victory ripple She shared her views through a tweet she made on Sunday after a battle with authorities that turned out great for cryptocurrencies. The comments follow last week’s Summary Court ruling, which was largely welcomed across the industry.
“I’ve spoken with trusted legal associates (including @HaunVenturesv’s advisers Steve Engel and James Burnham) and I’ve been told by courts that if XRP itself (which is not an investment contract and therefore is not a security) and certain XRP transactions are The consensus is that we have drawn a reasonable line of distinction. Institutional investors would pay Ripple directly, and Ripple would exchange contractual commitments in return and enter into investment agreements under Howie.‘” Haun tweeted.
She said the distinction provided the cryptocurrency industry with a means to consider if the SEC filed lawsuits against some of the top exchanges. The argument here is that a token is never an ‘investment contract’ in and of itself.
“Tokens traded on exchanges and secondary markets are rarely investment contracts, as only binding contracts that impose post-sale obligations on the seller can constitute investment contracts.”
As to whether the SEC will appeal the court’s decision, Mr. Haun said it was possible. However, he is unlikely to face an immediate appeal. As to why this is the case, the former a16z fund manager explained:
“… An immediate appeal is unlikely. That’s because I’m skeptical that the agency will need to ask the court to separate this decision from the trialable part, and that the SEC actually wants legal clarity. The Commission has benefited from the current turmoil, and losing these issues on appeal would jeopardize the Commission’s entire enforcement agenda.So I would be surprised if the SEC tried to appeal now.”
Congress needs to intervene
As a result, the XRP price surged more than 100% to a new all-time high of $0.94. However, the value of the coin remains hovering around $0.75. A partial victory for Ripple could be the key to pushing XRP over the $1 supply barrier.
Some observers commented Some say the court’s decision may be overturned on appeal. To tell In the event of a settlement, Ripple would face hefty fines. But the general sentiment is that while the ruling hit the SEC hard, it remains to be seen what impact the ruling will have on the broader issue of regulation.
Can Congress Intervene? Haung says it’s essential to do so.
“Even if the results here are overall positive, the complexity of the court’s reasoning suggests that existing law and jurisprudence are ill-equipped to address all of the significant ongoing policy concerns. suggesting that it may not be in order. At the moment, the main question principle seems to be built for cryptocurrencies. Major decisions regarding such policies are made by Congress, not by unelected government agencies.‘ she pointed out.