Ripple’s Legal Team Reject SEC’s Bid for an Appeal
- Ripple’s legal team claim the SEC has not met the requirement for an appeal.
- The SEC has targeted several crypto companies this year for selling unregistered securities.
- Ripple believes the SEC’s attempt to appeal could plunge the crypto industry into further confusion.
Ripple’s long standing legal dispute with the U.S. Securities and Exchange Commission (SEC) has taken a new form over the past few weeks. Most recently, reports have it that Ripple’s legal team has resisted the SEC’s request for an appeal of the XRP judgment. The bone of contention between both parties is whether or not Ripple’s XRP token meets the requirements to be classified as a security under US securities regulations.
In July, Ripple secured a ruling that declared that its XRP token did not qualify as a security. However, the SEC has indicated interest in appealing the ruling, but Ripple’s attorneys believe the regulator has not presented much of a case to deserve an appeal.
According to Ripple’s legal team, “the SEC has not even attempted to meet the standard for a stay, even after the individual defendants identified that omission in their pre-motion letter.”
Furthermore, the legal team argues that the SEC’s decision to pursue an appeal is not in the best interests of the crypto market as a whole. They contend that the cryptocurrency industry urgently needs regulatory clarity and that the SEC’s continued legal action against Ripple only serves to increase the ambiguity and uncertainty surrounding digital assets.
If the SEC’s appeal is successful, it may establish a precedent that declares other cryptocurrencies to be securities, subjecting them to strict rules and possibly hindering growth and innovation.
Ripple has long argued that its XRP coin should not be seen as a security but instead as a digital currency similar to Bitcoin and Ethereum. Ripple claims that XRP’s decentralized structure and its usefulness as a medium of exchange distinguish it from regular securities.
Ripple’s resistance to the SEC’s appeal is yet another milestone in their continued dispute. The result of this case will no doubt serve as the basis for future policies in the US and could possibly be adopted in other countries.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
