XRP Pain May Not Be Over Following This Decision In The Ripple Vs SEC Case
August 18 2023 - 04:00PM
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The United States Securities and Exchange Commission (SEC) has
reopened old wounds after a federal Judge grants the regulator’s
request to file a new appeal against Ripple. Ripple And
SEC Legal Battle Continues Ripple, the crypto firm behind XRP
cryptocurrency, had secured a partial victory in July in its case
against the SEC that had raged on for almost three years. However,
the regulator has not taken this lying down as on Thursday, August
17, Judge Analisa Torres reportedly gave official approval to the
SEC’s motion to file an interlocutory appeal against XRP
cryptocurrency. Related Reading: Here Are The Factors That
Could Be Behind The Latest Bitcoin Wipeout According to the court
proceedings, the SEC will file its motion in court from Friday,
August 18 until Friday, September 1. This gives the regulator the
opportunity and ample time to develop and provide a compelling
argument for its allegations of XRP being a security. This is
because the appeal will be focused on the judge’s decision on
Ripple’s programmatic sales and direct sales and offerings of XRP
tokens as a trade for goods and services. The new filing is
not an official approval of an appeal by the judge but a gateway
for the SEC to file its motion. But regardless, this new
development could be bad for Ripple who recently celebrated Judge
Torres’ declaration that secondary sales of XRP did not count as a
security. Ripple’s Chief Executive Officer, Brad
Garlinghouse, and Chief Learning Officer, Stuart Alderoty have
addressed the SEC’s decision to put forward an appeal motion. They
publicly opposed the SEC’s interlocutory appeal, detailing that the
Judge’s ruling on July 13 refutes any allegations the SEC may
harbor of XRP being a security. “We oppose the SEC’s request
for an interlocutory appeal. There is no extraordinary circumstance
here that would justify departing from the rule requiring all
issues as to all parties to be resolved before an appeal,” Alderoty
stated in a Twitter post. On his part, CEO Brad Garlinghouse
commented: Reminder – the request for appeal (even if
granted) doesn’t change the fact that XRP is not a security. That’s
not up for debate/trial. But the SEC continues to claim that Chris
and I acted recklessly in believing that XRP is not a security.
That’s utter nonsense. XRP price dumps alongside crypto market |
Source: XRPUSD on Tradingview.com SEC Regulator Criticizes Judge
Ruling The SEC’s move to file an interlocutory motion does not come
as a surprise as the regulatory body has previously made complaints
about the proceedings of Judge Torres’s ruling in the XRP case. The
regulator made criticisms of the case’s outcome by questioning the
ruling’s alignment with legal principles and stating that the
verdict was “wrongly decided.” Related Reading: Post-Hack
Shenanigans: Curve (CRV) To Launch On TRON Following $2 Million
Investment The regulator has also been adamant about an
interlocutory review and has stated that the case requires a higher
review and better clarification by higher judicial authorities, to
ensure legal proceedings are executed according to established laws
and legal principles. “Interlocutory review is warranted
here. These two issues involve controlling questions of law on
which there is substantial ground for differences of opinion, as
reflected by an intra-district split that has already developed,”
the SEC said in its new filing. Featured image from iStock, chart
from Tradingview.com
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