Ripple legal team opposes SEC appeal over XRP decision

Attorneys representing Ripple in its lawsuit with the US Securities and Alternate Fee (SEC) have prompt the regulator hasn’t met the necessities to request an attraction.

In a Sept. 1 submitting with U.S. District Court docket for the Southern District of New York, Ripple’s authorized staff stated the SEC’s grounds for an attraction largely rested on “dissatisfaction” with a choose’s resolution that the XRP token didn’t qualify as a safety for gross sales to retail buyers. The legal professionals stated “distinctive circumstances required for interlocutory attraction” have been absent within the case, and referred to as on the choose to each deny any request for an attraction or keep.

“The SEC has not even tried to fulfill the usual for a keep, even after the Particular person Defendants recognized that omission of their pre-motion letter,” stated Ripple. “The Particular person Defendants write individually to oppose the SEC’s request. Ripple joins that opposition.”

In August, the fee moved to attraction and keep a July courtroom resolution by which Decide Analisa Torres dominated XRP largely was not a safety below SEC pointers. On the time, the SEC argued there was “substantial floor for variations of opinion” on the legal guidelines at situation.

The SEC filed its lawsuit towards Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to delist the XRP token to keep away from attainable authorized entanglement. Following the Torres’ ruling, most of the identical companies stated they might relist the token or discover doing so sooner or later.

“It’s unhappy that so many within the US crypto group need to resort to the authorized course of to show this SEC is uncontrolled and persistently mistaken on the details and the legislation,” stated Garlinghouse in an Aug. 29 X put up.

Associated: SEC v. Ripple: Attorneys go away SEC aspect, each teams add new legal professionals

The SEC has focused a lot of crypto companies in 2023 over allegations of securities violations, together with Binance and Coinbase. On Aug. 29, asset supervisor Grayscale achieved a courtroom victory towards the SEC following an attraction ordering a overview of its software for a spot Bitcoin (BTC) exchange-traded fund.

The civil lawsuit between the SEC and Ripple is ongoing. Torres proposed a jury trial for the case beginning within the second quarter of 2024.

Journal: Get your a refund: The bizarre world of crypto litigation