Lawyers representing Ripple in the lawsuit filed against the U.S. Securities and Exchange Commission (SEC) argue that the regulator did not meet the requirements for filing an appeal.
In a document submitted September 1 to the United States District Court for the Southern District of New York, Ripple legal team He said the SEC’s grounds for appeal were largely based on “dissatisfaction” with the judge’s decision on the XRP token. not available as a security to be sold to retail investors. Lawyers argue that “exceptional conditions for interim appeal” do not exist in the case. to invite the judge to reject any appeal or adjournment request.
“Although the SEC found this omission in the individual defendant’s preliminary motion letter, it did not even attempt to meet its stay standards.”He is defending Ripple. “Individual Defendants Vote Individually Against SEC Request. Ripple Joins This Opposition”.
In August, the Commission appealed and suspended a July court ruling by Judge Analisa Torres that XRP was not a security under SEC rules. At the time, the SEC argued that there were “significant grounds for disagreement” regarding the laws in question.
In December 2020, the SEC filed a lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen. It has led many exchanges to delist the XRP token to avoid possible legal consequences. Following Torres’ decision, many of the same companies stated that they wanted to re-enter the token on the market or to consider the possibility of doing so in the future.
“It is unfortunate that so many members of the US crypto community have had to resort to legal process to prove that the SEC has gotten out of control and has been consistently wrong about the facts and the law.”Garlinghouse discusses this in a post published Aug. 29 on X.
Throughout 2023, the SEC has targeted several crypto companies on securities law violations, including Binance and Coinbase. Asset manager Grayscale won a court victory against the SEC following an August 29 appeal. Orders review of Bitcoin exchange-traded fund application (bitcoin).
The civil lawsuit between the SEC and Ripple is still pending. Torres suggested: process With the jury for trial from Q2 2024.
Translation of Walter Rizzo