Ripple Pushes Back Against SEC’s Motion for Appeal
Ripple is contesting the SEC’s request to appeal part of a whole lot of ruling in a New York court. The previous 30 days, the SEC filed a motion with the United 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 SEC’s request, stating that it does not present a controlling question of law suitable for interlocutory appeal. Ripple’s lawyers likewise warn that if the SEC is granted the appeal, it might potentially seek to cross-appeal the court’s order regarding institutional sales of XRP.
New York District Court Judge’s Ruling
In July, Judge Analisa Torres ruled that programmatic sales of XRP Ripple (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 desires to appeal the decision on programmatic sales and “other distributions” of XRP Ripple (XRP). The SEC cited numerous cryptocurrency cases in its filing, including the Terraform case, to facilitate its argument against Ripple’s position.
Hot Take: Ripple Fights to Prevent SEC Appeal
Ripple’s pushback against the SEC’s motion for appeal showcases its determination to challenge the SEC’s states. By opposing the appeal, Ripple aims to sustain its current position and prevent further delays in the resolution of the litigation. The outcome of this legal battle will have whole lot of implications for the regulation of digital 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 in the end decide. The case serves as a reminder of the ongoing legal uncertainties surrounding the cryptocurrency industry.
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