Ripple has objected to the SEC’s appeal regarding the recent ruling that its XRP token does not qualify as a security.
The attorneys representing Ripple Labs in its lawsuit with the US Securities and Exchange Commission (SEC) have disagreed with the SEC’s appeal in the matter, suggesting the agency has not met the requirements to file an appeal.
SEC Arguments Rests on “Dissatisfaction”
Blomberg Law reports Ripple’s legal team filed documents with the US District Court for the Southern District of New York, saying the SEC’s appeal against Judge Torres’ recent ruling declaring XRP does not qualify as a security for sales to retail investors rested on “dissatisfaction” with the decision.
Ripple’s legal teams argued that “exceptional circumstances required for interlocutory appeal” are absent in the SEC’s case and requested that the presiding judge deny any request for an appeal or stay.
Ripple said:
“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.”
Adding,
“The Individual Defendants write separately to oppose the SEC’s request. Ripple joins that opposition.”
The SEC said it intended to appeal Judge Analisa Torres’ decision that XRP is not a security concerning its sale to retail investors, in accordance with the SEC’s Howey Test.
Ripple CEO Says An Appeal Will Take Years
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Author: Jana Serfontein
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