Ripple Counters SEC's Appeal on XRP's Status

Understanding the Dispute

Ripple and the U.S. Securities and Exchange Commission (SEC) have clashed. The SEC is appealing a past decision about XRP. This decision said XRP was mainly not a security.

What the Appeal Contains

On Sept. 1, Ripple’s lawyers sent a document to a New York court. They claim the SEC’s appeal stems from their unhappiness. They disagree with the view that XRP is not a security for retail sales. The lawyers point out there’s no “exceptional circumstance” for an appeal. Thus, they ask the judge to reject the appeal.

Ripple’s Perspective

Ripple spoke up. They said the SEC hasn’t shown good reasons for a pause in the case. Ripple also mentioned other defendants who had issues with the SEC’s actions. Ripple stands by these defendants.

Updates and Other Voices in the Sector

In August, the SEC chose to challenge a July ruling. This ruling, made by Judge Analisa Torres, stated XRP wasn’t mainly a security. However, the SEC believes there are clear differences in opinion about this.

Garlinghouse, from Ripple, shared his thoughts. He said it’s sad that US crypto companies often have to go to court. They aim to show that the SEC is making mistakes.

While these are great outcomes… and it’s feeling like a summer of justice…
it’s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently WRONG on the facts and the law. https://t.co/sdZpaO4coh
— Brad Garlinghouse (@bgarlinghouse) August 29, 2023

SEC’s Other Actions

This year, the SEC has been busy. They’ve looked into other crypto companies like Binance and Coinbase. They claim these firms broke some rules. On Aug. 29, Grayscale won a case against the SEC. After this, the SEC had to relook at Grayscale’s Bitcoin fund proposal.

What’s Next in the Battle?

Ripple and the SEC are still in a legal fight. Judge Torres suggests a trial in Q2 2024.

Ripple Counters SEC’s Appeal on XRP’s Status