Ripple Moves To Have SEC’s Request To Appeal XRP Decision Denied
The legal team representing Ripple has opposed the Securities and Exchange Commission's (SEC) plea for an intermediate appeal in their ongoing legal battle. They contend that the regulator has not met the necessary criteria to proceed with the appeal.
Ripple Vs. SEC: Delving Into The Appeal Dispute
Ripple has countered the U.S. Securities and Exchange Commission's bid to challenge the decision that stated the blockchain payments company, headquartered in San Francisco, did not violate securities regulations when it provided XRP to individual traders through exchange platforms.
Ripple's legal representatives submitted a fresh filing on Friday to the U.S. District Court for the Southern District of New York. They contended that the SEC's desire to appeal revolves mainly around their dissatisfaction with the judge's ruling that XRP may not automatically qualify as a security. The lawyers also emphasized that the present circumstances do not warrant an interlocutory appeal and urged the judge to dismiss any requests for an appeal or suspension.
"The SEC hasn't even made an effort to fulfill the requirement for a delay, despite the fact that the Individual Defendants pointed out this error in their pre-motion letter. The Individual Defendants have chosen to express their disagreement with the SEC's plea, and Ripple is in agreement with that stance."
In August, the main financial regulator of the United States expressed its intention to pursue a provisional appeal of Judge Torres' decision. It mentioned that the result of the lawsuit against Ripple could have an impact on other ongoing cases involving prominent companies involved in cryptocurrency trading.
At that moment, the committee justified the need for an appellate review by stating that there were important legal issues in dispute, with significant differences of opinion, and gaining a ruling from an appeals court on these matters could greatly contribute to resolving this legal case in the long run.
Judge Analisa Torres scheduled a trial date for the case during the second three-month period of 2024. In the meantime, the SEC has a deadline of September 9th to provide a response to Ripple's submission made on Friday.
With that being said, the recent submission on Friday marks the most recent development in Ripple's long-lasting legal battle with the SEC. This dispute first arose when the regulatory body filed a lawsuit against the fintech company in December 2020. The SEC alleged that Ripple, along with its CEO Brad Garlinghouse and executive chairman Chris Larsen, unlawfully collected $1.3 billion by selling unregistered securities known as the XRP token.
Amidst all the events mentioned earlier, the attorney representing individuals who hold XRP, John E. Deaton, firmly believes that the SEC's appeal will not be approved.
It is yet unknown what will happen to Ripple and XRP, whether they will be successful or not in the American legal system. Currently, the price of XRP is $0.5015, and it has experienced a decrease of approximately 4.8% over the past seven days, making it the fifth-largest cryptocurrency.
