The legal team representing Ripple in the company’s lawsuit against the SEC (United States Securities and Exchange Commission) has argued that the requirements have not been met by the regulator for the appeal that they have requested. In a lawsuit filed on September 1st with New York’s Southern District’s US District Court, Ripple’s team stated that the grounds for the SEC appeal are primarily based on being dissatisfied with the decision of a judge.
Ripple vs. SEC Continues At Full Swing
The court decision that the SEC had argued against stated that its XRP token stands disqualified as a security when retail investors are purchasing it. The lawyers stated such an interlocutory appeal required exceptional circumstances. However, such circumstances were not present in the previous case. As such, Ripple’s legal team appealed to the judge to put down any appeal requests or, at least, impose a stay on the appeal.
Ripple further claimed that there were no attempts from the SEC to try and meet even a possible stay’s standards. This follows even though the letter preceding the motion included this omission and was identified by the Individual Defendants. As such, the legal team stated that the Individual Defendants are choosing to write separately as an opposition to the request by the SEC. Ripple then stated its decision to join the said opposition.
In the past month, the SEC filed an appeal lawsuit against and asking for a stay on a decision made by the court in July. In it, Judge Analisa Torres decided that XRP, largely, could not be considered as a security as per the guidelines of the SEC. During that ruling, the commission had argued about there being considerable areas to have different opinions on the laws that were up for debate.