Ripple Legal Team Opposes SEC Appeal of XRP Ruling

Lawyers argue SEC grounds for appeal based on 'dissatisfaction' with decision July court ruling that the XRP token was not widely seen as a security.

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Lawyers representing Ripple in its lawsuit with the U.S. Securities and Exchange Commission (SEC) have suggested the regulator failed to meet the requirements to request an appeal.

In a September 1 filing with the U.S. District Court for the Southern District of New York, Ripple's legal team said the SEC's grounds for appeal were largely based on "dissatisfaction" with regarding a judge's ruling that the XRP token was not considered an XRP token. security for sales to retail investors. Lawyers said the "exceptional circumstances required for an interlocutory appeal" were absent in this case and called on the judge to dismiss any request for appeal or stay.

“The SEC did not even attempt to meet the stay standards, even after individual defendants identified this omission in their pre-petition letter,” Ripple said. "The individual defendants are writing separately to oppose the SEC's request. Ripple joins this opposition. »

Memo filed September 1 with the Court of district of the United States for the Southern District of New York. Source: Courtlistener

In August, the commission decided to appeal and suspend a July court decision in which Judge Analisa Torres ruled that XRP l...