Legal professionals representing Ripple in its ongoing authorized battle with the US Securities and Alternate Fee (SEC) have taken a stance in opposition to the regulator’s try to attraction a current courtroom choice. In a submitting submitted on September 1st to the U.S. District Courtroom for the Southern District of New York, Ripple’s authorized crew asserted that the SEC had failed to fulfill the mandatory necessities to request an attraction.
The core of the SEC’s attraction rests on its dissatisfaction with a previous ruling by Decide Analisa Torres, which declared that the XRP token didn’t qualify as a safety for gross sales to retail traders underneath SEC pointers. Ripple’s attorneys argued that the SEC’s grounds for an attraction primarily mirrored its disagreement with this judgment and didn’t meet the distinctive circumstances required for an interlocutory attraction. They urged the decide to disclaim the SEC’s attraction request or keep.
Ripple’s authorized crew acknowledged, “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. The Particular person Defendants write individually to oppose the SEC’s request. Ripple joins that opposition.”
The SEC initially filed its lawsuit in opposition to Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, resulting in a number of cryptocurrency exchanges delisting the XRP token to keep away from potential authorized repercussions. Nonetheless, Decide Torres’ July ruling largely favored Ripple’s argument that XRP was not a safety, prompting among the delisted exchanges to contemplate relisting the token.
Brad Garlinghouse, Ripple’s CEO, expressed his frustration with the SEC, stating, “It’s unhappy that so many within the US crypto group should resort to the authorized course of to show this SEC is uncontrolled and persistently fallacious on the information and the regulation.”
The SEC has been actively pursuing authorized actions in opposition to varied cryptocurrency corporations in 2023 over alleged securities violations, together with Binance and Coinbase. In a separate improvement, asset supervisor Grayscale lately achieved a courtroom victory in opposition to the SEC, resulting in a overview of its utility for a spot Bitcoin exchange-traded fund (ETF). The civil lawsuit between the SEC and Ripple is ongoing, with Decide Torres proposing a jury trial for the case beginning within the second quarter of 2024.
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