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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/xrp-lawsuit-update-ripple-stands-firm-against-secs-interlocutory-appeal-what-to-expect-in-saturday-session/">Ripple Stands Firm Against SEC’s Appeal as Crypto Market Awaits Decision</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><strong>Ripple</strong> has made a strong stand against the <strong><a href="https://coinpedia.org/news/xrp-lawsuit-update-ripple-stands-firm-against-secs-interlocutory-appeal-what-to-expect-in-saturday-session/">Securities and Exchange Commission’s (SEC)</a></strong> recent attempt to certify an <a href="https://coinpedia.org/news/ripple-sec-news-top-lawyer-says-secs-interlocutory-appeal-motion-will-be-denied/">interlocutory appeal</a>. This move comes at a time when Ripple is confident that the court will ultimately find its response to the SEC’s allegations legitimate.</p> 
<p>The legal battle between Ripple and the SEC has been ongoing since December 2020. The SEC alleges that Ripple’s transactions involving XRP over the past eight years constituted investment contracts, essentially classifying them as securities.</p> 
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   <p lang="en" dir="ltr">Ripple just filed its opposition to the SEC’s request for an interlocutory (interim) appeal. Worth a read IMO, especially the footnotes <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f601.png" alt="😁" class="wp-smiley" style="height: 1em; max-height: 1em;">. Fn. 5 is one of my personal favorites. <a href="https://t.co/E6ZSbShPwy">https://t.co/E6ZSbShPwy</a></p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1697711072831312021?ref_src=twsrc%5Etfw">September 1, 2023</a>
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<h2 id="what-is-ripples-opposition-is-all-about" data-name="what-is-ripples-opposition-is-all-about" class="wp-block-heading"><strong>What is Ripple’s Opposition is All About?&nbsp;</strong></h2> 
<p>Ripple’s opposition to the SEC’s interlocutory appeal is multi-faceted, with the cryptocurrency company, including its top executives Brad Garlinghouse and Christian A. Larsen, strongly objecting to the SEC’s efforts to pursue this legal route.</p> 
<p>The SEC filed for an interlocutory appeal citing that the Ripple case raises legal issues with far-reaching implications for the entire digital asset market. They argue that the current court ruling doesn’t revolve around a “controlling question of law” that justifies an appeal in the middle of the legal process. </p> 
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   <p lang="en" dir="ltr">As expected, Ripple demonstrates that an interlocutory appeal here is simply not warranted. The SEC has always maintained Howey is a fact specific inquiry and for an interlocutory appeal to be warranted the 2nd Circuit should not have to review the extensive factual record.… <a href="https://t.co/13szg3Aw8Z">https://t.co/13szg3Aw8Z</a> <a href="https://t.co/95hnkjBZkj">pic.twitter.com/95hnkjBZkj</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1697707903346430400?ref_src=twsrc%5Etfw">September 1, 2023</a>
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<p>Second, they challenge the SEC’s request for a stay, arguing that the SEC has failed to provide adequate reasons for its necessity.</p> 
<p>Read More: <a href="https://coinpedia.org/news/secs-appeal-in-ripple-lawsuit-why-experts-say-it-was-a-big-mistake/">SEC’s Appeal in Ripple Lawsuit is a Big Mistake, Say Experts! Here’s Why</a></p> 
<p>At the heart of the matter is the application of the Howey test, which is used to determine whether an investment contract exists. Ripple suggests that the SEC may be adjusting its “litigation positions” based on its desired outcomes rather than adhering strictly to the law.</p> 
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 <p>John Deaton weighed in on the matter, stating, “Footnote 2 destroys the SEC’s argument on this matter.”</p> 
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<h2 id="what-to-expect-on-saturday" data-name="what-to-expect-on-saturday" class="wp-block-heading"><strong>What to Expect on Saturday?&nbsp;</strong></h2> 
<p>In the upcoming legal session, observers will closely watch not only the Ripple vs. SEC case but also the SEC vs. Coinbase (COIN) case, both of which could have substantial implications for the U.S. cryptocurrency industry. The submissions of the Court’s Amicus Curiae to dismiss the SEC’s allegations against Coinbase may prove significant. Meanwhile, Judge Failla recently dismissed the Uniswap case, adding further intrigue to the legal scenario.</p> 
<p>Read in Detail: <a href="https://coinpedia.org/news/ripple-vs-sec-secs-response-deadline-what-lies-ahead-for-ripple-on-september-8/">Ripple vs. SEC: SEC’s Response Deadline, What Lies Ahead for Ripple on September 8?</a></p> 
<h2 id="xrp-price-analysis" data-name="xrp-price-analysis" class="wp-block-heading">XRP Price Analysis</h2> 
<p>In terms of market impact, XRP has experienced a recent decline in value, falling below crucial technical levels. The SEC’s pursuit of an interlocutory appeal will be a pivotal factor influencing XRP’s price movement. A favorable perception of Ripple’s opposition filing could potentially break the current downward trend, with the 200-day Exponential Moving Average (EMA) emerging as a possible target. Presently, XRP is teetering below the psychologically significant support levels of $0.50 and $0.5042.</p> 
<p><strong>What do you think of Ripple’s chances in the SEC case? Let us know!</strong></p>

Ripple Stands Firm Against SEC’s Appeal as Crypto Market Awaits Decision

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