Lawyers representing Ripple in its lawsuit with the U.S. Securities and Exchange Commission (SEC) say the regulator has not met the requirements to request an appeal.
In a Sept. 1 filing with the U.S. District Court for the Southern District of New York, Ripple’s legal team said the SEC’s grounds for appeal were “dissatisfaction” with retail investors over the judge’s ruling that XRP tokens were not eligible for sale of securities. The lawyers said there were no “exceptional circumstances required for an interlocutory appeal” in the case and called on the judge to deny any appeal or request for a stay.
“Even though individual defendants found this omission in their pre-motion letters, the SEC did not even attempt to meet the standard for a stay,” Ripple said. “Individual defendants wrote separate letters objecting to the SEC’s request. group.”
In August, the committee appealed and stayed a July court ruling in which Judge Analisa Torres ruled that XRP was largely not a security under SEC guidelines. At the time, the SEC argued that there was a “substantial difference of opinion” on the relevant laws.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to Delisting XRP tokens to avoid possible legal disputes. After Torres’ ruling, many companies said they would relist the token or explore doing so in the future.
“It is regrettable that many in the U.S. cryptocurrency community have had to resort to legal proceedings to prove that the SEC is out of control and has been wrong both factually and legally,” explain Garlinghouse in an X post on August 29th.
related: SEC v. Ripple: Lawyers leave SEC, both sides add new lawyers
The U.S. Securities and Exchange Commission (SEC) is targeting several cryptocurrency companies in 2023 for alleged securities violations, including Binance and Coinbase. Asset manager Grayscale won a court case against the SEC on Aug. 29 after appealing to review its application for a spot bitcoin (BTC) exchange-traded fund.
A civil lawsuit between the SEC and Ripple is ongoing. Torres proposed a jury trial in the case beginning in the second quarter of 2024.
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