BTC-Newswire

SEC cites ‘knotty legal problems’ as reason for appealing Ripple ruling

Press Releases Crypto News Crypto-News SEC cites ‘knotty legal problems’ as reason for appealing Ripple ruling

The U.S. Securities and Exchange Commission (SEC) argues that the issues raised by the recent court order in favor of Ripple Labs and its native token, XRP, represent complex legal challenges that warrant an appeal of the ruling.

The SEC opposes the court’s verdict and has clarified that these “knotty legal problems” warrant a review.

SEC not accepting defeat

The SEC is currently engaged in an ongoing legal battle against Ripple Labs, the creators of the XRP altcoin. The regulator seeks to appeal Judge Analisa Torres’ ruling that XRP was a security when sold to institutional investors and not a security when sold to retail investors.

Earlier this month, Ripple had pushed back against the SEC’s request for an interlocutory appeal. Ripple argues that the agency lacks merit, as it fails to meet the necessary conditions for certification.

The SEC’s assertion that Section 1292(b) only excludes cases involving factual disputes is inaccurate. This section is designed for interlocutory appeals in cases with evident and well-defined legal issues, rather than cases mired in complex factual considerations. Consequently, the SEC’s application for certification should be rejected.

In response to Ripple’s filing, the SEC has submitted a memorandum of law supporting their motion to certify an interlocutory appeal under 28 U.S.C. § 1292(b).

The SEC’s allegations are based on the claim that Ripple conducted an unregistered securities offering by raising capital through the sale of its digital assets, XRP, to both U.S. and global investors.

This legal clash holds immense significance for the cryptocurrency industry, as it could u

Go to Source to See Full Article
Author: Ogwu Osaemezu Emmanuel

Did you like this?
Tip BTC Newswire with Cryptocurrency