von • The SEC has filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13.
• Ripple and its executives have argued that the ongoing case should not be stopped for the appeal to take place, instead both should take place concurrently.
• Legal expert Greg Beuke argues that the SEC failed to understand that it did not provide enough evidence to prove that XRP is a security.
SEC vs Ripple Case
The United States Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13. On the other hand, Ripple and its executives have argued that the ongoing case should not be stopped for the appeal to take place, instead both should take place concurrently.
SEC Misstep in Regulatory Showdown
Legal expert Greg Beuke has warned of a misstep made by the SEC in their regulatory showdown with Ripple. He argues that the SEC failed to understand that it did not provide enough evidence to prove that XRP is a security. The court ruling last month did not rule out sales over crypto exchanges as investment contracts, but rather, no evidence was provided by the SEC’s legal team to support its arguments about XRP sales on exchanges constituting investment contracts. Therefore, Ripple is arguing there should be no exception made and Brad and Chris are arguing that even if court grants SEC right to appeal then case should continue and appeal should run in parallel as well.
Ripple CTO Comments
Ripple CTO David Schwartz recently commented on this scenario saying “But there is an exception for unusual cases, and the SEC is arguing that this is one of those unusual cases where an exception should be made and the regular proceedings should stop until the appeal is complete.“
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Conclusion
It remains uncertain whether or not either party will prevail in this ongoing legal battle between Ripple and US Securities & Exchange Commission over XRP’s status as a security or currency asset. Ultimately only time will tell how this will play out in court but at present it appears both parties are determined fight their respective positions tooth-and-nail until resolution is achieved one way or another.
