SEC Urges Court to Expedite Proceedings
In the ongoing legal dispute between the SEC and Ripple, the focus has shifted to a New York courtroom. The SEC is advocating for a speedy resolution, emphasizing the importance of efficiency. However, Ripple is opposing this, raising questions about the law and strategy.
The SEC has swiftly responded to Ripple’s assertion, arguing that a New York court should not hinder the agency’s appeal of a portion of a significant judgment. To support its position, the SEC has filed a motion with the U.S. District Court in New York, urging it to approve the interlocutory appeal request made the previous month. The SEC believes that granting the appeal would expedite the legal proceedings and prevent unnecessary delays.
Ripple Firmly Opposes SEC’s Appeal
While the SEC is determined to scrutinize pragmatic sales and other XRP exchanges, Ripple intends to reject the regulator’s request for appeal. Ripple argues that the court’s summary judgment does not raise a crucial legal question suitable for an interlocutory appeal.
Ripple contends that granting the SEC’s appeal could lead to a cross-appeal, necessitating a comprehensive review of the entire evidentiary record. Ripple’s legal counsel believes that this would allow the SEC to focus on their preferred segments, rather than the full picture.
Hot Take
The SEC’s decision to appeal the ruling is a significant development in the legal battle with Ripple. The outcome of this case could have far-reaching implications for the cryptocurrency industry, potentially establishing a precedent for how the SEC regulates cryptocurrencies.
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