Ripple Labs rejected the request for an appeal from the Securities and Exchange Commission (SEC) in ongoing litigation with a new filing dated friday september 1. SEC seeks to appeal part of historic judge’s ruling Anissa Torres in July on whether some of Ripple’s XRP token sales violated US laws. UNITED STATES on securities. The lawyers representing Ripple have announced in this regard:
“The exceptional circumstances required for an interlocutory appeal are absent. First, the Court’s summary judgment order does not present a determinative question of law that lends itself to interlocutory appeal. Second, the alleged substantial ground for disagreement is simply a sign of the SEC’s dissatisfaction with the original verdict. »
In plain English, the statement from Ripple Labs lawyers means that the SEC’s appeal request does not have solid grounds. And this is precisely what we are going to study in a little more detail during this article.
Ripple Labs faces SEC appeal request
At the beginning of the month from August 2022the Securities and Exchange Commission has filed a petition in the United States Court for the Southern District of new Yorkasking him to certify for an interlocutory appeal.
SEC lawyers have argued that how the court handles the Ripple case could have an extremely important impact on other pending litigation as well as on the entire crypto sectorsuch as those pitting the US regulatory agency against major cryptocurrency exchanges Binance And Coinbase.
The U.S. financial watchdog argued at the time that an appeal was warranted because they are overriding legal issues on which there are considerable grounds for difference of opinionand obtaining an appeal decision on these points could significantly advance the end of this litigation.
Judge Analisa Torres ruled in July that some of Ripple’s so-called programmatic sales of XRP tokens did not violate securities laws due to a blind bid process in place for such sales. . She also felt that other direct sales of the XRP token to institutional investors constituted securitiesleaving a partial victory for the SEC.
The SEC wishes to appeal the part of the decision regarding programmatic sales as well as other forms of distributions of the XRP token, the latter including offers and sales of XRP in exchange for goods and services. Ripple has said that if the SEC is allowed to appeal, then the company will seek to a cross call of the court order regarding institutional sales of XRP.
In response to this news, the price of XRP took advantage of a 1.91% increase in the past 24 hours, which has driven its price to the threshold of $0.5081. According to data from CoinMarketCap, the market capitalization of XRP is now pegged at $26.90 billion, which ranks this blockchain at fifth position of the crypto ecosystem. In addition, we also observe that the trading volume over the daily period fell by 1.92%so as to pass to $639.21 million.
Source : finbold, The Block
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions.