Ripple Labs CTO made statements regarding the SEC’s interim appeal.
In a recent update to X, David Schwartz, chief technology officer of Ripple Labs, pointed to a recent development involving the SEC’s objection. According to Schwartz, the SEC is appealing at this point based on the interpretation that the legal case has not yet been concluded.
Ripple Labs chief technology officer David Schwartz clarified the SEC’s objection at X
According to Ripple Labs CTO David Schwartz, the SEC is filing an appeal at this point based on the interpretation that the legal case has not yet been concluded.
After Judge Analisa Torres’ decision on July 13 that XRP was not a security, the SEC appealed against this decision, despite the fact that XRP was sold on digital asset exchanges as a non-security ruling. The SEC appeal that followed Ripple’s favorable decision highlights an unforeseen development in legal proceedings.
According to Schwartz, this is used as a rule of thumb to make an exception for special cases. The SEC argues that this particular circumstance is a reason for doing things differently and recommends that the process stop until the appeal is resolved. However, Ripple disagrees with this view and wants the main litigation to continue through the appeals process.
Even if the SEC has the right to appeal, Ripple is of the opinion to advance the main case while the appeals process continues. This means allowing the proceedings to continue and looking carefully at the appeal proceedings later. Schwartz provided more information on the matter after controversy arose about the possibility of the SEC appealing Torres’s decision in higher courts.
The final decision in a legal dispute between Ripple Labs and the SEC may be affected by the court’s choice to accept the appeal.
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