What is Ripple’s Opposition About?
Ripple has strongly opposed the Securities and Exchange Commission’s (SEC) request for an interlocutory appeal. The company, along with its top executives, Brad Garlinghouse and Christian A. Larsen, argues that the SEC’s efforts to pursue this legal route are unnecessary. They believe that the current court ruling does not raise a “controlling question of law” that justifies an appeal in the middle of the legal process. Ripple suggests that the SEC may be adjusting its litigation positions based on desired outcomes rather than adhering strictly to the law.
Challenging the SEC’s Request for a Stay
Ripple also challenges the SEC’s request for a stay, stating that the SEC has not provided adequate reasons for its necessity. The company believes that the SEC’s request should be denied.
Implications for the Cryptocurrency Industry
The legal battle between Ripple and the SEC could have substantial implications for the U.S. cryptocurrency industry. Observers will closely watch not only the Ripple vs. SEC case but also the SEC vs. Coinbase case, as both could shape the future of the industry. The submissions of the Court’s Amicus Curiae to dismiss the SEC’s allegations against Coinbase may prove significant.
Impact on XRP Price
The SEC’s pursuit of an interlocutory appeal will likely influence the price movement of XRP. If Ripple’s opposition filing is perceived favorably, it could potentially break the current downward trend of XRP’s value. The 200-day Exponential Moving Average (EMA) is seen as a possible target. Currently, XRP is below significant support levels of $0.50 and $0.5042.
Hot Take
Ripple’s strong stand against the SEC’s attempt to certify an interlocutory appeal shows their confidence in the legitimacy of their response to the SEC’s allegations. While the legal battle continues, the outcome will have far-reaching implications for the cryptocurrency industry.
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