with ripple U.S. Securities and Exchange Commission (SEC) have collided. The SEC has appealed past decisions on: XRP. The decision said that XRP is primarily not a security.
Content of objection
On September 1, Ripple’s attorneys sent documents to a New York court. They argue that the SEC appeal is due to their own misfortune. They disagree that XRP is not a security for retail sale. Lawyers say there are no “exceptional circumstances” in the appeal. Therefore, they ask the judge to dismiss the appeal.
Ripple spoke up. They said the SEC has not provided a valid reason to stay the lawsuit. Ripple also mentioned other defendants who had problems with the SEC’s actions. Ripple supports these defendants.
Industry updates and other voices
In August, the SEC elected to challenge the July ruling. This judgment was made by Judge Analisa Torres, said XRP is primarily not a security. However, the SEC believes there is a clear disagreement on this point.
Garlinghouse of Ripple shared his thoughts. He said it saddens him that U.S. crypto companies often have to go to court. They aim to show that the SEC is making a mistake.
Other SEC Actions
The SEC has been extremely busy this year.They investigated other cryptocurrency companies such as binance and coin base. They allege that these companies have broken some rules. August 29th, grayscale Won lawsuit against the SEC. After this, the SEC had to reconsider Grayscale’s Bitcoin fund proposal.
What’s next after the battle?
Ripple and the SEC are still in a legal battle. Judge Torres has suggested a trial in the second quarter of 2024.