The New York South District court revoked former FTX CEO Sam Bankman-Fried’s bail on Aug. 11 after an appeal from the prosecution in July citing multiple instances of violation of bail conditions.
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Lawyers argued the SEC’s grounds for an appeal was based on “dissatisfaction” with a July court decision that the XRP token did not largely qualify as a security.
Lawyers questioned a judge's decision to revoke bail on Aug. 11, claiming SBF speaking to a journalist about Caroline Ellison was "protected First Amendment activity".
According to the CTO, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet reached a conclusion.
SEC files motion for appeal on Ripple’s case, Bitcoin and Ether prices plunge and Europe welcomes first spot Bitcoin ETF.
The SEC has until August 18 to officially file its motion and the defendants will have until September 1 to respond.
Ripple’s chief legal officer said no “extraordinary circumstance” in the case exists which warrants the Court to accept the SEC’s request for leave.
Sam Bankman-Fried has bail revoked, ordered to jail; the SEC delays decision on a spot Bitcoin ETF; and the SEC moves to appeal on Ripple’s case.
Lawyer Oscar Franklin Tan believes that if the appeal is allowed, whoever wins will build momentum in the main case.
The appeals court judge said Robinhood “had the right” to impose restrictions on meme trade purchases.