- Ripple filed its opposition motion in response to the SEC’s request to file for an Interlocutory Appeal.
- At press time, XRP’s price action was still disappointing given its bearish position.
On 10 August 2023, AMBCrypto reported that the SEC filed a Motion for Leave to File an Interlocutory Appeal with regard to sales of XRP. Furthermore, Ripple’s Chief Legal Officer Stuart Alderoty also took to X (formerly known as Twitter) to state that the payments company would file its response in the coming week.
Fast forward to 16 August and Ripple had a reply. As per James K. Filan, Ripple filed their opposition with regard to the SEC’s request for an interlocutory appeal.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files it’s opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal. pic.twitter.com/Rk8Ho0Gfxw
— James K. Filan ???? (@FilanLaw) August 16, 2023
A never-ending state of affairs
As per Attorney James K. Filan’s tweet, Ripple’s opposition motion stated that the SEC can appeal the court’s decision. However, that may be done after the normal course is followed. This could take place after the final judgment is presented with a full record. Additionally, Ripple also claimed that the SEC would have to present more evidence than just state the incorrectness of the ruling.
Furthermore, Brad Garlinghouse, CEO of Ripple, also filed his response to the ongoing appeal put forth by the SEC.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: @bgarlinghouse and @chrislarsensf file their opposition to the SEC’s request to file an interlocutory appeal and for a stay of all proceedings pending appeal. pic.twitter.com/HU7vXOKegW
— James K. Filan ???? (@FilanLaw) August 16, 2023
The response also stated that,
the SEC has relied on a years-long strategy of attempted regulation by enforcement, trading on regulatory uncertainty to address digital asset sales one at a time without providing meaningful guidance or engaging in rule-making. It’s approach has reuslted in an ever-shifting litigation strategy here in which the SEC has seemingly taken positions more out of convenience then conviction.
Thus, it remains to be seen if Judge Torress rules in favor of the SEC’s motion or Ripple’s opposition motion.
However, Ripple CEO, Brad Garlinghouse took to X to state his views about the ongoing debacle.
Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense. 1/2 https://t.co/pG7z0jsjlt
— Brad Garlinghouse (@bgarlinghouse) August 16, 2023
Ripple makes some waves
While this was the state of Ripple on the legal front, XRP did enjoy some positive action on the price front over the last hour. However, its 24-hour price trajectory and seven-day performance didn’t exactly please the eyes. At press time, XRP was exchanging hands at $0.5859 and traded 0.47% higher in the last hour.
However, its 24-hour and seven-day price action plummeted by 3.77% and 7.49% respectively.
