Better Markets Files Amicus Brief in Support of SEC | Airdrop Alert Pro

Better Markets Files Amicus Brief in Support of SEC
A new development has emerged in the ongoing legal battle between the SEC and Ripple. Nonprofit organization Better Markets Inc. has filed an amicus brief in support of the SEC. For context, the SEC has appealed the 2023 ruling, arguing that Judge Torres erred in determining that certain XRP sales on digital asset exchanges were not securities.To summarize the SEC’s position: they believe the judge erred in ruling that these “programmed sales” of XRP were not securities. The SEC argued that these sales should be considered securities because they were made through an exchange, even though the buyers did not purchase directly from Ripple.Attorney Jeremy Hogan said on social media that Better Markets’ amicus brief appeared to misunderstand the trial judge’s ruling. The judge did not rule that the XRP sold by the exchange was not a security because the buyers were not buying directly from Ripple. Instead, the judge found that the transactions were “blind buy/sell” sales, meaning buyers had no way of knowing whether they were buying from Ripple or another seller. This means buyers cannot rely on Ripple to increase prices, which was a key factor in the judge’s decision.”Better Markets” amicus briefs are difficult to read. Not because I thought the Court of Appeal would never rule on this case, but because it completely missed (or misunderstood?) the trial judge’s decision (see excerpt below).The trial judge did not rule on the sale of XRP… https://t.co/XCjKXYuwQo pic.twitter.com/cjpiCSkvHj— Jeremy Hogan (@attorneyjeremy1) January 22, 2025 Hogan expressed frustration that “Better Markets” does not directly address the core issue of how judges apply facts to law. Instead, the brief argued that the decision was wrong but did not address the legal reasoning behind it. Better Markets also said the SEC would be unable to protect investors if the ruling stood, but Hogan disagreed.What is an amicus brief?An amicus brief (short for amicus brief) is a document filed in a court case by someone who is not directly involved in the case but wishes to provide additional information or arguments that may help the court make a decision. The term amicus curiae is translated as “Amicus Curiae” This means that the person or group filing the brief is providing their expertise or perspective to help the court understand the broader issue or implications of the case.