U.S. Securities and Exchange Commission (SEC) Appears Determined to Continue Legal Battle Against Ripple
The SEC recently filed an interim appeal to the U.S. District Court for the Southern District of New York regarding whether Ripple’s XRP cryptocurrency was launched in accordance with the law.
The agency argues that Ripple violated securities law, stating that this issue should also be reviewed by the appellate court. The SEC’s move is seen as an objection to Judge Analisa Torres’ decision in July; Torres had ruled that Ripple violated the law when selling XRP to institutional investors, but there was no violation with respect to retail investors. Ripple, on the other hand, argues that the SEC’s appeal application is inadequate.
The Legal Fight Between SEC and Ripple Doesn’t Let Up
Ripple claims that the SEC did not provide sufficient arguments and said that this application will not prolong the process. However, the SEC contends that the decision relates to programmed sales and “other distributions,” claiming it will be resolved in just one hearing.
The SEC wants to object to the part of the decision concerning “other distributions,” which include XRP offerings and sales in exchange for goods and services, in addition to programmed sales.
In the file, the SEC states, “The Defendants themselves say that the issues have industry-wide significance and are of special consequence.”