According to the attorneys defending Ripple, the SEC’s reason for an appeal is centered upon “dissatisfaction” and it fails to satisfy the prerequisites to make such a request.
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Ripple Submits Filing with SDNY
According to a filing made on Sept. 1 with the U.S. District Court for the Southern District of New York, Ripple’s legal team stated that the SEC’s justification for filing an appeal was mostly based on “dissatisfaction” with a judge’s ruling that the XRP token failed to satisfy the requirements to be sold as a security to retail investors.
No Circumstances for an Appeal
The lawyers argued that the case lacked the “exceptional circumstances required for interlocutory appeal” and urged the judge to reject any chances for appeal or delay requests.
They noted: “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,” they further added: “The Individual Defendants write separately to oppose the SEC’s request. Ripple joins that opposition.”
SEC Seeks to Reverse the Judge’s Decision
In August, the commission filed an appeal and delay of a July judgment in which Judge Analisa Torres found that XRP was not a security under SEC guidelines.
In a recent twist of the ongoing legal drama, Ripple was successful in defeating the SEC. The government agency charged Ripple with using its cryptocurrency, XRP, to execute an unregistered securities offering. However, the court ruled in favor of the blockchain company.
Ripple Secured a Resounding Victory for Crypto
A resounding victory for Ripple could usher in an improved and welcoming situation for other blockchain businesses by giving them more precise regulatory compliance standards.
Stuart Alderoty, Chief Legal Officer (CLO) of Ripple Lab, recently expressed his opinion that Ripple could potentially be able to further confirm its victory over the regulatory body if an appeal would be brought by the SEC.
On the contrary, Marc Fagel, a former regional manager of the SEC and an accomplished lawyer, thinks that although Ripple is probably relishing their recent win, their victory may be short-lived if the case is appealed to the Second Circuit Court.
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