Ripple’s legal team has suggested that the United States Securities and Exchange Commission (SEC) has not met the requirements to request an appeal in the ongoing lawsuit between the two parties. In a filing with the U.S. District Court for the Southern District of New York, Ripple’s lawyers argued that the SEC’s grounds for an appeal largely rested on “dissatisfaction” with a judge’s decision that the XRP token did not qualify as a security for sales to retail investors. The lawyers also called on the judge to deny any request for an appeal or stay.In August, the SEC moved to appeal and stay a July court decision in which Judge Analisa Torres ruled XRP largely was not a security under SEC guidelines. The SEC filed its lawsuit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to delist the XRP token. Following the Torres’ ruling, many of the same firms said they would relist the token or explore doing so in the future.Garlinghouse commented on the situation, saying “It’s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently wrong on the facts and the law.” The SEC has also targeted a number of other crypto firms in 2023 over allegations of securities violations, including Binance and Coinbase.On Aug. 29, asset manager Grayscale achieved a court victory against the SEC following an appeal ordering a review of its application for a spot Bitcoin exchange-traded fund. The civil lawsuit between the SEC and Ripple is ongoing, with Torres proposing a jury trial for the case starting in the second quarter of 2024.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇳 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Brad Garlinghouse, Analisa Torres, Chris Larsen |
| Companies | Ripple, United States Securities and Exchange Commission, SEC, Binance, Coinbase, XRP, Grayscale |
| Currencies | Ethereum, XRP, Bitcoin |
| Securities | None |
