It has come to light that on Friday, the lawyers representing the Securities and Exchange Commission used an ongoing enforcement case to provide a preview of their likely appeal against certain aspects of the recent split decision in the agency’s case against Ripple Labs.
Ripple case addressed
In a filing made to Judge Jed Rakoff of the U.S. District Court for the Southern District of New York, the SEC lawyers respectfully argued that the disputed portions of Ripple were incorrectly decided and should not be followed by the Court.
These comments were made in the context of the agency’s case against Terraform Labs and its former CEO Do Kwon.
The lawyers for SEC are contemplating different options to conduct further review and plan to advise the commission to pursue such review.
This suggests that the Ripple case may be appealed regarding the determination that sales of XRP to third parties did not meet all securities offering requirements.
The lawyers admit that they will only ask the judge to ignore the ruling if they expect the commission to make an appeal decision, which involves a voting process.
Another judge in the same court as the Terraform and Do Kwon case made the Ripple decision, which would be regarded as a relevant precedent for the case, unless the SEC challenges the decision.
Ripple invests in AI metaverse project
Futureverse, a startup specializing in cryptocurrency technology and AI gaming, has received a joint investment of $54 million from Ripple Labs and crypto investment firm 10T.
According to the recent announcement, Futureverse plans to use the funds for research and development, with a focus on advancing its technology product, the Root Network.
The Root Network is a suite of blockchain-based protocols that provides pre-built runtimes for creating metaverse apps, games, and experiences. It also offers integration with Ripple’s XRP Ledger (XRPL).
Futureverse, which is a group formed by merging 11 startup tech companies last year, is currently working on innovative projects that combine AI and blockchain technology to enhance the metaverse experience for users.
