tweet: [DB] Judge Rejects SEC Motion to Appeal Ripple RulingSEC vs Ripple Full Order Plaintiff, the Securities and Exchange Commission (the “SEC”), brings this action against Defendants Ripple Labs, Inc. (“Ripple”) and two of its senior leaders, Bradley Garlinghouse and Christian A. Larsen, alleging that Defendants engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 1933 (the “Securities Act”), 15 U.S.C. §§ 77e(a), (c). Am. Compl. 9, 430–35, ECF No. 46. The SEC also alleges that Larsen and Garlinghouse aided and abetted Ripple’s Section 5 violations. Id. 9, 436–40. On July 13, 2023, the Court granted in part and denied in part the parties’ cross-motions for summary judgment (the “Order”). Order, ECF No. 874; see SEC v. Ripple Labs, Inc., No. 20 Civ. 10832, 2023 WL 4507900 (S.D.N.Y. July 13, 2023). The SEC now moves to certify for interlocutory appeal two holdings in the Order. ECF No. 892; SEC Mem. at 1, ECF No. 893. For the reasons stated below, the SEC’s motion for certification of the interlocutory appeal is DENIED.
Before Bitcoin Ordinals and BRC-20, the world’s first cryptocurrency network ran the most prominent Layer-2 solution – Lightning Network (LN). Over the past, the network was widely utilized for conducting faster transactions, but LN seems to be losing the amount of BTC on it at the moment. Bitcoin Lightning Network loses BTC: Bitcoin Lightning Network, at ...