{"id":21827,"date":"2023-09-02T00:25:40","date_gmt":"2023-09-02T00:25:40","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ripple-legal-team-opposes-sec-appeal-over-xrp-decision\/"},"modified":"2023-09-02T00:25:42","modified_gmt":"2023-09-02T00:25:42","slug":"ripple-legal-team-opposes-sec-appeal-over-xrp-decision","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ripple-legal-team-opposes-sec-appeal-over-xrp-decision\/","title":{"rendered":"Ripple legal team opposes SEC appeal over XRP decision"},"content":{"rendered":"
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Lawyers representing Ripple in its lawsuit with the United States Securities and Exchange Commission (SEC) have suggested the regulator hasn\u2019t met the requirements to request an appeal.<\/p>\n

In a Sept. 1 filing with U.S. District Court for the Southern District of New York, Ripple\u2019s legal team said the SEC\u2019s grounds for an appeal largely rested on \u201cdissatisfaction\u201d with a judge\u2019s decision that the XRP token did not qualify as a security for sales to retail investors. The lawyers said \u201cexceptional circumstances required for interlocutory appeal\u201d were absent in the case, and called on the judge to both deny any request for an appeal or stay.<\/p>\n

\u201cThe SEC has not even attempted to meet the standard for a stay, even after the Individual Defendants identified that omission in their pre-motion letter,\u201d said Ripple. \u201cThe Individual Defendants write separately to oppose the SEC\u2019s request. Ripple joins that opposition.\u201d<\/p>\n

Memo filed Sept. 1 in U.S. District Court for the Southern District of New York. Source: Courtlistener<\/em><\/figcaption><\/figure>\n

In August, the commission moved to appeal and stay a July court decision in which Judge Analisa Torres ruled XRP largely was not a security under SEC guidelines. At the time, the SEC argued there was \u201csubstantial ground for differences of opinion\u201d on the laws at issue.<\/p>\n

The SEC filed its lawsuit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to delist the XRP token to avoid possible legal entanglement. Following the Torres\u2019 ruling, many of the same firms said they would relist the token or explore doing so in the future.<\/p>\n

\u201cIt\u2019s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently wrong on the facts and the law,\u201d said<\/a> Garlinghouse in an Aug. 29 X post.<\/p>\n

Related: <\/em><\/strong>SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers<\/em><\/strong><\/p>\n

The SEC has targeted a number of crypto firms in 2023 over allegations of securities violations, including Binance and Coinbase. On Aug. 29, asset manager Grayscale achieved a court victory against the SEC\u00a0following an appeal ordering a review of its application for a spot Bitcoin (BTC) exchange-traded fund.<\/p>\n

The civil lawsuit between the SEC and Ripple is ongoing. Torres proposed a jury trial\u00a0for the case starting in the second quarter of 2024.<\/p>\n

Magazine: <\/em><\/strong>Get your money back: The weird world of crypto litigation<\/em><\/strong><\/p>\n