Taking the lead in the lawsuit against the SEC, Ripple (XRP) has responded to the agency’s interim appeal. The Securities and Exchange Commission has sought permission from the altcoin project for interim appeal following the summary decision. Ripple Labs, on the other hand, rejected this request of the SEC, according to the official text that appeared last night.
We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal. https://t.co/hjNIwEZkSt
— Stuart Alderoty (@s_alderoty) August 16, 2023
Following the publication of Ripple’s lengthy text, Stuart Alderoty, the company’s head of legal affairs, confirmed this news. Alderoty made the following statement in his statement:
“We are against the SEC’s interim appeal. Before considering this case on appeal, there should be no unresolved issues between all parties.”
When is the Happy Ending for Ripple (XRP)?
The SEC, which sued the leading altcoin project during the pandemic process, has largely lost its claim. The plaintiff claimed that Ripple’s token, XRP, is a security and must sign investment contracts with its users for sale. With the start of the lawsuit process, many major exchanges delisted the XRP token.
Although Ripple seemed to be the losing party in the first process, the documents that emerged changed the course of the case. Former SEC official William Hinman has not considered another altcoin, Ethereum, as a security in the past, leading to comments that a similar stance should be applied to XRP.
Last month, the XRP price approached $1 after a long time, with district judge Analisa Torres’ decision that “no contract required”. However, this rise was not permanent.
Experts believe that the final legal process could end in favor of Ripple towards the end of this year.
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