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This Week In Securities Litigation (Week of July 17, 2023) The talk of the town – or at least the world of the Commission – was the ruling in SEC v. Ripple, 20 Civ 0832 (S.D.N.Y. File Dec. 22, 2020) last week. The action centers the what the firm calls XRP crypto assets. The court held that the assets were not a security but in some instances may be. For those who understand the Howey test this is not a surprise. Indeed the assets involved in many of the crypto cases are commodities subject to the CFTC’s jurisdiction. In some instances the assets may be securities, such as when the Howey test is met. More on this later in the week. Last week the Commission filed a number of new cases. Those included offering fraud actions and cases involving the misappropriation of investor assets as discussed below. Have a great and safe day. SEC Proposals: The Agency proposed rule amendments to broker-dealer customer protection Rule 15c3-3. The proposal would require broker-dealers with large total credits to increase the f

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Vincent
Published date16 July 2023
AuthorThomas Gorman
Subject MatterSecurities
Law FirmThomas O. Gorman
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