In a move that is anticipated by keen observers in the digital currency ecosystem, Ripple Labs Inc has filed its opposition to the anticipated motion for leave to file an interlocutory appeal submitted earlier by the US SEC in the ongoing Ripple Vs SEC lawsuit.
XRP Lawsuit: Ripple Labs Fulfills its Promise
The US SEC has shown clearly that it was against the part of the verdict from Judge Analisa Torres that says the trading of XRP tokens on secondary trading platforms are not securities. While it recognizes its inability to file a direct appeal to the ruling, the SEC pushed for permission through the interlocutory appeal request.
The industry expected this as many acknowledged how impossible it will be for the market regulator to accept the ruling which is likely to form a precedent in the Web3.0 world. The industry at the same time expected Ripple Labs to push back against the Gary Gensler anti-crypto commission.
In the motion filed, Ripple argued that since the US SEC regulates the crypto industry on a case-by-case basis, it is expected that it waits until the final ruling is pronounced before it seeks an appeal.
The payments firm noted that the SEC is trying to make a turnaround on a matter of law bordering on the application of the Howey Test to specific XRP transactions seeing the position of the court at this time did not favor its plans.
Ripple argues that the market regulator cannot at this time show evidence for a difference of opinion based on the Appeal it is pushing for. Ripple cited a number of cases that lends credence to its stance that the SEC needs to wait before filing the much-craved appeal.
Interesting Twist in the Ripple vs SEC Case
Many legal pundits in the digital currency ecosystem have been pitching Ripple for a landslide victory since the merits of the case have been pushed out to the open glare. The soundness of its arguments as shown in this Appeal has been drawing a lot of interesting permutations that truly show there is a twist in the close to 3-year lawsuit.
The much-needed Ripple win has been tipped as a potential landmark one that can help bolster any potential defense against the SEC which has also marked Cardano (ADA), Solana (SOL), and Polygon (MATIC).