Ripple pushes back against the U.S. Securities and Exchange Commission's (SEC) appeal, listing multiple reasons for their stance.
Ripple, a cryptocurrency company, is in a legal fight with the US Securities and Exchange Commission (SEC). The SEC wants to make an early appeal, but Ripple disagrees.
Ripple’s top lawyer, Stuart Alderoty, said on Twitter that they don’t support the SEC’s early appeal. Ripple thinks there’s no special reason for an early appeal.
Ripple argues a few main points against the SEC:
1. Ripple believes the SEC's appeal doesn’t have a clear legal question. Instead, they think the appeal talks about the Howey test and how it applies to specific facts, which is not right for this type of appeal.
2. Ripple says that for a long time, the SEC saw their case as a simple use of the Howey test. Just because the SEC doesn't like the court's view now doesn't mean they can make a new legal question. Ripple also talks about other similar cases to show the SEC is wrong.
3. Even if the SEC wins this appeal, the case won't end. There are still other questions to answer. This means the court fight might go on for a long time.
4. Ripple worries that if the court listens to the SEC’s request, it might cause more legal problems.
Many legal experts think Ripple is in a strong position. Jeremy Hogan, a popular voice in the XRP community, says Ripple has good reasons for the appeal not to be allowed. But if it is allowed, Ripple might have a chance to make their case even stronger in a higher court. Another lawyer, John E Deaton, says just because the SEC can ask for an appeal doesn’t mean they will get one.
Right now, the price of XRP, Ripple's cryptocurrency, has dropped a bit. It is now $0.5926.