XRP trial: Ripple opposes SEC request for appeal

Brad Garlinghouse

Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 – RoyalsBlue.com

Ripple asked the judge in charge of theXRP case from reject the appeal request from the US regulator SEC.

In a letter to the court on Wednesday, Ripple Labs and its directors Bradley Garlinghouse and Christian Larsen have declared that they “oppose the anticipated request of the SEC “to challenge the recent court ruling on XRP.

New SEC should be able to appeal XRP decision

Last month, Judge Analisa Torres ruled that XRP could not be considered a security when the token was sold to the general public on an exchange. Only institutional sales make the token a financial security, according to the ruling.

The verdictone of the SEC’s first setbacks in crypto, has propelled the XRP price on the rise. Major exchanges, including Coinbase and Kraken, quickly re-listed the blockchain token launched by the San Francisco-based company.

The Securities and Exchange Commission subsequently indicated that it would file an appeal, arguing among other things that the decision had “a particular consequence” on the application of securities laws.

We oppose the SEC’s request for an interlocutory appeal. There are no extraordinary circumstances here that would justify departing from the rule requiring that all issues involving all parties be resolved prior to an appeal.” tweeted Stuart Alderoty, Ripple’s general counsel, last night.

The U.S. financial watchdog needs the approval of the U.S. District Court for the Southern District of New York and the U.S. Court of Appeals for any hope of challenging the decision.

Read:  India to block 9 crypto exchanges, including Binance and Kraken

Ripple has yet to win a total victory in the dispute that has pitted it against the US authority since 2020. The case, which has seen several twists and turns in recent years, is also expected to go before a jury.

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