Ripple, the San Francisco-based blockchain payments firm, is standing its ground in the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC had sought an interlocutory appeal in the case, but Ripple’s legal team is challenging this move, asserting that the regulatory body has not met the necessary requirements to file an appeal.
Ripple has formally opposed the SEC’s request to appeal the ruling that cleared the company of breaking securities laws by offering XRP to retail traders through exchanges.
In a recent document filed with the U.S. District Court for the Southern District of New York, Ripple’s lawyers argued that the SEC’s basis for an appeal primarily hinges on its dissatisfaction with the judge’s decision that XRP is not inherently a security.
Furthermore, Ripple’s legal team pointed out that the “exceptional circumstances” needed for an interlocutory appeal do not apply to this case.
They have urged the judge to reject any appeal request or stay, emphasizing that the SEC has not made a proper attempt to meet the standard for a stay.
In essence, Ripple is firmly contesting the SEC’s efforts to prolong the legal proceedings in this case.
Earlier, the SEC had indicated its intent to seek an interlocutory appeal, arguing that the outcome of the Ripple lawsuit could have ramifications for other pending cases involving major cryptocurrency trading firms.
The commission asserted that appellate review was warranted due to significant legal questions and differences of opinion.
Judge Analisa Torres has scheduled the trial for the second quarter of 2024, and the SEC has until September 9th to respond to Ripple’s recent filing.
The legal tussle between Ripple and the SEC began in December 2020 when the regulatory agency sued the fintech company.
The SEC’s allegations included the unregistered sale of securities in the form of the XRP token, raising approximately $1.3 billion.
