Ripple Labs Opposes SEC’s Appeal Request
Ripple Labs has opposed the SEC’s request for an interlocutory appeal against Judge Analisa Torres’ decision on the sale of XRP constituting securities. According to Ripple Labs’ chief legal officer, Stuart Alderoty, the SEC’s request should be rejected as there is no extraordinary circumstance justifying a departure from the rule that requires all issues to be resolved before an appeal.
Main Breakdown:
- Judge Torres ruled that the sale of XRP to retail investors on exchanges did not qualify as securities.
- The SEC intends to appeal the ruling and filed an interlocutory brief on August 9.
- Ripple opposes the SEC’s motion, stating that the appeal should only happen after a final judgment is passed.
- Ripple argues that the judge’s ruling was not a “pure question of law” and that the SEC’s disagreement does not show a substantial ground for a difference of opinion.
- Even if the appeal is granted, Ripple’s CEO, Brad Garlinghouse, believes it will not change the fact that XRP is not a security.
Hot Take:
Ripple Labs’ opposition to the SEC’s appeal request emphasizes their confidence in the judge’s ruling and their belief that XRP is not a security. It also highlights Ripple’s determination to prove the SEC wrong in their claims against the company. The outcome of this legal battle will have significant implications for the classification of cryptocurrencies and the regulatory landscape surrounding them.
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