Ripple Disputes SEC's Basis for Further Appeal
Ripple has courageously stood its ground against the U.S. Securities and Exchange Commission (SEC) trying to escalate their ongoing legal feud. In their recent filings, Ripple boldly contends that the SEC hasn't provided solid ground to involve an appeals court, and Judge Analisa Torres' original ruling in July stating that Ripple's XRP sales weren't in violation of securities regulations remains unchallenged.
The SEC, evidently unsatisfied with the verdict, seeks Judge Torres' approval to contest her ruling, with the ultimate goal of petitioning the Second Circuit Court of Appeals to hear the case. However, Ripple argues in their filing that the SEC's reasons for an appeal lack conviction. They believe the SEC has failed to demonstrate any significant differences in how various judges might perceive the decision and assert that the appeal wouldn't expedite the lawsuit's resolution.
Fueling their resistance to the SEC's appeal, Ripple emphasizes that "July’s ruling did not 'present a controlling question of law.'" They argue that the SEC hasn't shown adequate reasons to justify the involvement of an appeals court.
In the midst of this ongoing battle, both parties have filed a joint motion to amend Judge Torres' earlier orders, suggesting reductions in fines and lifting the injunction restricting Ripple's institutional XRP sales. The purpose of this motion is to resolve outstanding appeals and avoid prolonged litigation, citing evolving regulatory attitudes as "exceptional circumstances." The settlement proposition could provide financial relief for Ripple and establish a more clear-cut regulatory landscape for cryptocurrencies, potentially diminishing the SEC's influence in similar cases.
Legal experts predict that it's uncertain whether Judge Torres will approve the motion, drawing comparisons to previous requests that have been denied. The outcome of this situation could drastically impact XRP's legal standing and market perception.
The SEC, in its pursuit of confronting Judge Torres' ruling, intends to request her approval for an appeal to the Second Circuit Court of Appeals, with the aim of challenging the decision regarding Ripple's XRP sales. However, Ripple maintains that the SEC's arguments for an appeal are insufficient, claiming that the SEC has yet to show substantial reasons to involve an appeals court in this finance-related matter.
