Ripple Pushes Back Against SECโs Motion for Appeal
Ripple is contesting the SECโs request to appeal part of a wholeย lotย of ruling in a New York court. Theย previousย 30ย days, the SEC filed a motion with the Unitedย States District Court, seeking certification for interlocutory appeal. The agency argues that allowing the appeal would result in a more efficient resolution of the litigation. Ripple, on the other hand, wants the court to deny the SECโs request, stating that it does not present a controlling question of law suitable for interlocutory appeal. Rippleโs lawyers likewise warn that if the SEC is granted the appeal, itย might potentially seek to cross-appeal the courtโs order regarding institutional sales of XRP.
New York District Court Judgeโs Ruling
In July, Judge Analisa Torres ruled that programmatic sales of XRPย Rippleย (XRP) by Ripple did not violate securities laws due to the blind bid process. Nonetheless, she ruled that other direct sales of the token were securities, giving a partial win to the SEC. The SEC desiresย to appeal the decision on programmatic sales and โother distributionsโ of XRPย Rippleย (XRP). The SEC cited numerous cryptocurrency cases in its filing, including the Terraform case, toย facilitate its argument against Rippleโs position.
Hot Take: Ripple Fights to Prevent SEC Appeal
Rippleโs pushback against the SECโs motion for appeal showcases its determination to challenge the SECโs states. By opposing the appeal, Ripple aims toย sustain its current position and prevent further delays in the resolution of the litigation. The outcome of this legal battle will have wholeย lotย of implications for the regulation of digitalย currencies, particularly the classification of digital assets as securities. With both parties standing firm in their positions, it remains to be seen how the court will inย theย end decide. The case serves as a reminder of the ongoing legal uncertainties surrounding the cryptocurrency industry.
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