The Ripple lawyers are now planning to drag the SEC’s legs in the XRP lawsuit.
The United States Securities Exchange Commission (SEC) is the top financial regulatory body in the US. Over several years, the SEC agency regulates the Crypto sector under traditional Securities Act, even though the traditional securities laws are not applicable to the Crypto sector. In Dec 2020, this American financial regulator sued Ripple, a San Francisco headquartered blockchain firm, over the alleged suspicious nature of the XRP token, a crypto asset running on the Proof-of-stake (PoS) consensus-based blockchain network XRPL. In July of this year, the court judge ruled in favor of Ripple. In short, Ripple secured victory in the XRP lawsuit.
As we know that the SEC lawyers recently sent a letter to the court judge Torres to secure regulatory approval to appeal against the court judge’s ruling, which was against the SEC’s allegations & charges.
In response to the SEC’s latest effort in this case, the Ripple lawyers filed a request in the court to dismiss the SEC’s request for the appeal.
The Ripple lawyers noted that the decision does not contain any legal control issues and also the SEC lawyers failed to provide any kind of evidence to support the charges throughout the legal battle.
All these activities by the SEC & Ripple lawyers against each other is showing that Ripple is still under a big legal hurdle and the Ripple’s victory was only a partial victory. Some legal experts believe that it will take around a couple of years to end this case completely because, on the one side, Ripple is financially very strong & has a better ability to hire high-profile lawyers to fight against the SEC’s allegations & charges. On the other hand, the SEC agency is not in the mood to accept loss in the case and also the SEC leadership will remain in the hand of Gary Gensler, who will not gonna leave his position before 2025.
Read also: Finally Shibarium mainnet launches but security firm says don’t use Shibarium
Ripple (XRP) files appeal against US SEC
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