Sonali Basak of Bloomberg has come under fire from members of the XRP community for her recent commentary on the SEC v. Ripple case on X (previously Twitter). The SEC is attempting to appeal Judge Torres’ ruling that XRP is not a security, according to Bloomberg, which the community members find to be inaccurate.
The SEC is requesting permission to submit an interlocutory appeal to challenge the court’s ruling that XRP is not a security, according to video footage of Basak that Bloomberg Crypto, the company’s cryptocurrency channel, posted yesterday. Additionally, the video includes a passage from a recent Bloomberg article titled “SEC moves to appeal Ripple ruling that XRP is not a security.”
In the video, Basak talked about the lawsuit’s other details, such as Judge Jed Rakoff’s rejection of Judge Analisa Torres’ arguments.
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XRP Community Response
The XRP community has reacted negatively to Basak and Bloomberg. Many XRP supporters criticized Bloomberg for misleading its audience. XRP’s non-security status has been confirmed by Judge Torres, according to some supporters, and the SEC has no plans to contest this decision. Van Winkle, a well-known XRP YouTuber, is one of the supporters who expressed this view.
It’s interesting how John Deaton responded to the popular video. He defended the XRP community in the SEC v. Ripple litigation. Attorney Deaton responded by offering to go to the Bloomberg studio to explain the recent developments in the SEC v. Ripple case if Basak is interested in learning the truth.
In the complaint, Deaton, who represented XRP investors, promised to explain to Bloomberg’s audience what the SEC is requesting. Additionally, he pledged to draw attention to Ripple’s response to the commission’s request. At the time of publication, it was unknown if Bloomberg would invite Attorney Deaton to speak.
SEC Interlocutory Appeal Request
The cryptocurrency community is currently focused on the SEC’s interlocutory appeal. Keep in mind that the SEC just recently submitted a move to certify an interlocutory appeal in the Ripple case. Judge Torres’ ruling on Ripple’s programmatic sales of XRP and other disbursements is being challenged by the securities regulator. Remember that both transactions were deemed non-security by the court.
The SEC said that there are important legal issues surrounding which there are strong grounds for disagreement. The judge in charge of the Terra case, Judge Rakoff, recently voiced his disagreement with the reasoning used by Judge Torres in her summary judgment ruling, according to the SEC. This, the SEC claimed, already reflects the difference in view.
It’s interesting to note that the SEC acknowledged in the motion that none of the digital assets, including XRP, are securities. The regulator made it clear that because the underlying asset, XRP, is not a security, it does not want an appeal review of any holdings linked to that fact.
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