Ripple Lawyers Assert SEC's Failure to Meet Appeal Requirements in Ongoing Lawsuit
Summary:
Lawyers for Ripple argue that the SEC has not met the requirements for an appeal in the ongoing lawsuit. They claim that the SEC's grounds for appeal are based on dissatisfaction with the judge's decision regarding the classification of XRP as a security. The SEC filed the lawsuit against Ripple in 2020, leading to delistings of the token. The civil lawsuit is ongoing, with a proposed jury trial scheduled for 2024.
Lawyers representing Ripple in its legal battle against the SEC have argued that the regulator has failed to meet the requirements for requesting an appeal. Ripple's legal team stated in a court filing that the SEC's basis for an appeal was mainly rooted in dissatisfaction with a judge's decision that XRP did not meet the criteria of a security for retail investors. They further argued that exceptional circumstances necessary for an interlocutory appeal were lacking in this case and urged the judge to deny any appeal request or stay. The SEC filed its lawsuit against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, leading to the delisting of XRP by many exchanges. However, following a court ruling in July, some exchanges have expressed their intentions to relist the token. The SEC has been targeting several crypto firms over alleged securities violations, including Binance and Coinbase. The civil lawsuit between the SEC and Ripple is still ongoing, with a proposed jury trial scheduled for the second quarter of 2024.
Published At
9/1/2023 9:53:33 PM
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