Court Should Deny SEC’s Request for Appeal, Says Ripple
SEC is making efforts to file an appeal against the Ripple case in the court. As a reaction, Ripple lawyers have filed a counter motion to revoke the appeal from SEC. The appeal by defense was filed on Friday.
On the other hand, SEC is working on appealing a part of the decision in the Ripple case outcome. The prosecution intends to process some of XRP sales as violation of securities law.
Ripple has maintained that SEC has not asked the right questions that are relevant to interlocutory appeal. They have also added a second objection to the appeal motion by claiming that the SEC has based their appeal on the disagreement regarding the implantation of Howey Test on majority of XRP transactions.
It is important to note that more than yearlong SEC versus Ripple Labs case came to a halt this year following partial victory for XRP. The court ruled that XRP token sales on secondary markets do not constitute as unregistered security sales.
SEC Lawyers to File for Appeal in XRP Case
SEC filed an appeal motion last year at the Southern District Court of New York to get the confirmation for interlocutory appeal. The prosecution has postulated that court ruling on XRP can have substantial impact on other case of similar nature.
At present, SEC is pursuing unregistered securities lawsuit against various cryptocurrency exchanges such as Coinbase and Binance. The agency has also charged other crypto projects with the same lawsuit leading to massive settlements.
Furthermore, the regulators have retained that their appeal consists of reasonable controlling question of law that provide substantial grounds for possible diversions. At the same time, the SEC is seeking appellate ruling on the matter to conclude the lawsuit without further grounds for appeals and extension of litigation process.
Judge Analisa Torres ruled in July cited blind bid process for XRP sales as grounds for not classifying their sales as unregistered securities.
Judge Analisa Torres added a partial ruling in favor of the prosecution by listing XRP sales to institutional investors as unregistered securities. However, SEC has decided to challenge the programmatic sales part of the appeal that is inclusive of other types of distributions.
Some of the other XRP token sales also account for exchange with goods and services. Ripple has shared their ambition to cross-appeal in case of receiving notification about appeals from SEC.
At the same time, Ripple has stated that the process of cross-appeal process will entail the complete record of the lawsuit rather than the sections that SEC wishes to highlight.
Western Union, one of the biggest money transfer and forex companies in the world, has now partnered with RippleNet and XRP token. On the other hand, Whale tracker on X has reported 66 million XRP tokens moves from Binance to unknown wallet address.
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