Ripple legal team opposes SEC appeal over XRP decision
Legal representatives representing Ripple in its suit with the United States Securities and Exchange Commission (SEC) have recommended the regulator hasnt fulfilled the requirements to ask for an appeal.In a Sept. 1 filing with U.S. District Court for the Southern District of New York, Ripples legal group stated the SECs premises for an appeal mostly rested on “frustration” with a judges choice that the XRP token did not qualify as a security for sales to retail financiers. The legal representatives said “exceptional circumstances needed for interlocutory appeal” were missing in the case, and gotten in touch with the judge to both deny any demand for an appeal or stay.” The SEC has not even attempted to satisfy the standard for a stay, even after the Individual Defendants determined that omission in their pre-motion letter,” stated Ripple. “The Individual Defendants write separately to oppose the SECs demand. Ripple signs up with that opposition.” Memo submitted Sept. 1 in U.S. District Court for the Southern District of New York. Source: CourtlistenerIn August, the commission moved to appeal and stay a July court decision in which Judge Analisa Torres ruled XRP mostly was not a security under SEC guidelines. At the time, the SEC argued there was “substantial ground for disagreements” on the laws at issue.The SEC submitted its claim against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, triggering numerous exchanges to delist the XRP token to prevent possible legal entanglement. Following the Torres judgment, numerous of the same companies stated they would relist the token or explore doing so in the future.” Its unfortunate that numerous in the United States crypto neighborhood have to resort to the legal procedure to show this SEC is out of control and regularly wrong on the truths and the law,” stated Garlinghouse in an Aug. 29 X post.Related: SEC v. Ripple: Attorneys leave SEC side, both groups add brand-new lawyersThe SEC has actually targeted a number of crypto firms in 2023 over accusations of securities violations, including Binance and Coinbase. On Aug. 29, possession manager Grayscale accomplished a court victory versus the SEC following an appeal buying an evaluation of its application for an area Bitcoin (BTC) exchange-traded fund.The civil suit in between the SEC and Ripple is ongoing. Torres proposed a jury trial for the case starting in the second quarter of 2024. Publication: Get your refund: The weird world of crypto litigation
