Ripple Labs Refutes SEC’s Attempt to Appeal Court Ruling
Ripple Labs has responded to the Security and Exchange Commission’s (SEC) filing of an interlocutory review of a court ruling in July. The legal team argues that there are no extraordinary circumstances that warrant an appeal. Ripple’s chief legal officer, Stuart Alderoty, emphasized that all issues as to all parties must be resolved before an appeal can be considered.
Key points:
– An interlocutory appeal is when a ruling by a trial court is appealed while other aspects of the case are still ongoing and is only permitted under specific circumstances.
– The SEC requested the judge put the case on hold during the appeal, citing other pending court cases that could be affected.
– Ripple’s CEO, Brad Garlinghouse, stated that the request for appeal does not change the fact that XRP is not a security and expressed confidence in proving the SEC wrong.
– Coinbase’s chief legal officer, Paul Grewal, described Ripple’s response as powerful and highlighted the SEC’s alleged hypocrisy.
Ripple’s XRP token has experienced a 2.7% drop in line with the broader crypto market retreat. XRP’s price has fallen to $0.59, representing a 30% loss since the partial court victory in mid-July. Additionally, XRP has lost 20% over the past month and remains down 82.6% from its peak in January 2018.
Hot Take:
Ripple Labs is pushing back against the SEC’s attempt to appeal the court ruling, asserting that there are no extraordinary circumstances to warrant it. Ripple’s CEO shows confidence in the fact that XRP is not a security and expresses a desire to prove the SEC wrong. The outcome of this legal battle will have significant implications for the classification of XRP and potentially other cryptocurrencies as securities.
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