In an ongoing legal tussle, the legal representatives for Ripple, the cryptocurrency company, have largely dismissed the appeal of the US Securities and Exchange Commission (SEC) regarding its XRP token’s status. On September 1st, Ripple’s legal squad posed objections to the SEC’s grasp for an appeal on the grounds that it fundamentally stemmed from the regulator’s dissatisfaction with a court decision made in July, where the ruling determined that the XRP token did not majorly qualify as a security regarding retail sales.
Ripple’s legal team is firm that there are no outstanding circumstances that would necessitate interlocutory appeal in the lawsuit. The defense called on the presiding judge to deny the SEC’s request for an appeal. Interestingly, the team also hinted at the lack of attempt by the SEC to meet the standard for a stay, as had been previously pointed out by their defendants in their pre-motion letter. Thus, Ripple solidly opposes this request.
In last month’s developments, the SEC clambered for an appeal and a stay on a court decision in July where Judge Analisa Torres mainly ruled that the XRP was not a security under the SEC’s guidelines. As part of their argument, the SEC expressed that there were substantial grounds for differences of opinion on the legislations in question.
This lawsuit first saw the light of day on the stage of the legal world back in December 2020, leading to a considerable number of exchanges delisting the XRP token to sidestep any potential litigation problems. After the ruling made by Torres, several of these exchanges expressed a willingness to relist the XRP token or at least explore such a possibility.
Above mentioned lawsuit is part of a broader pattern where the SEC makes allegations against numerous crypto firms for securities violations as seen with Binance and Coinbase. However, it seems that legal measures are having effects on the US crypto landscape as pointed out by Ripple’s CEO, Brad Garlinghouse.
The lawsuit continues, with a jury trial proposed for the second quarter of 2024, implying possible long-term impacts to Ripple and the larger crypto industry. This legal battle between Ripple and SEC raises new questions about the volatile nature of the dynamic crypto regulations and their interpretations by the regulating bodies.
Source: Cointelegraph
