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<p>The post <a href="https://coinpedia.org/news/ripple-vs-sec-secs-response-deadline-what-lies-ahead-for-ripple-on-september-8/" rel="noopener noreferrer nofollow">Crypto News: SEC’s Request for XRP Appeal Faces Opposition and Mockery</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p><p>It seems like the <a href="https://coinpedia.org/news/xrp-lawsuit-update-ripple-stands-firm-against-secs-interlocutory-appeal-what-to-expect-in-saturday-session/" rel="noopener noreferrer nofollow">Ripple vs. SEC</a> saga never seems to draw to an end.</p><p>Ripple has taken a resolute stance by formally opposing the SEC’s request for an <a href="https://coinpedia.org/news/xrp-lawsuit-update-ripple-to-respond-to-secs-interlocutory-appeal-today/" rel="noopener noreferrer nofollow">interlocutory appeal</a>. The SEC had sought permission to appeal following a prior ruling that declared Ripple’s programmatic sales of <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">XRP</a> did not violate securities law. In a move viewed by some as a desperate maneuver by the SEC, the agency argued that their request was a strictly “legal question.”</p><p>Ripple, however, contends that the SEC has not met the fundamental prerequisites for an interlocutory appeal. They emphasize that the agency has failed to substantiate any of the essential criteria, whether it pertains to a pivotal legal issue or the potential to expedite the litigation process.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>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">. Fn. 5 is one of my personal favorites. <a href="https://t.co/E6ZSbShPwy" rel="noopener noreferrer nofollow">https://t.co/E6ZSbShPwy</a></p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1697711072831312021?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a></blockquote></div></figure><p>Read More: <a href="https://coinpedia.org/news/why-cryptocurrency-rules-might-change-after-ripples-win-against-sec/" rel="noopener noreferrer nofollow">SEC’s Approach to Crypto Regulation in Question After Ripple Ruling</a></p><h2 id="alderotys-insight" class="wp-block-heading">Alderoty’s Insight</h2><p>Stuart Alderoty, Ripple’s Chief Legal Officer, drew attention to a specific footnote, Footnote 5, which refutes the SEC’s assertion that XRP holds “no intrinsic value” and underscores its role as a bridge currency for facilitating cross-border transactions.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>Footnote 5 is <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><a href="https://t.co/PwKyIdnFps" rel="noopener noreferrer nofollow">pic.twitter.com/PwKyIdnFps</a></p>— Caleb Remington (@CalebRemington) <a href="https://twitter.com/CalebRemington/status/1697712861517386110?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a></blockquote></div></figure><p>Alderoty seemed puzzled by the SEC’s apparent lack of understanding of digital assets or their deliberate ignorance of the same.</p><h2 id="the-crypto-community-weighs-in" class="wp-block-heading">The Crypto Community Weighs In</h2><p>As the documents hit the public domain, crypto Twitter erupted with commentary. Cowboy Crypto, a known crypto influencer, criticized the SEC’s “lack of allegiance to the law,” raising concerns about the SEC’s credibility and its strategy concerning digital assets.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley"><br>“The Court did not rule in the SEC's favor on all issues. In response, the agency is now rushing to appeal what it claims is a purely "legal question" applicable to every digital-asset case. But the SEC's latest shift of "litigation positions to further its… <a href="https://t.co/fILTNxQq6G" rel="noopener noreferrer nofollow">https://t.co/fILTNxQq6G</a><a href="https://t.co/8l1wtBgfr3" rel="noopener noreferrer nofollow">pic.twitter.com/8l1wtBgfr3</a></p>— Cowboy.Crypto <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2600.png" alt="☀" class="wp-smiley"> (@cowboycrypto313) <a href="https://twitter.com/cowboycrypto313/status/1697707923294535976?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a></blockquote></div></figure><p>Meanwhile, lawyer Jeremy Hogan likened the SEC’s case to a mutt that’s part Bloodhound and part Chihuahua—a beast with unclear lineage and even murkier intentions. In legal terms, this means the SEC has failed to present an issue of “pure law,” making their quest for an appeal a Herculean task.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>Ripple starts off vicious with the Youngers case (screenshotted on the right).<br><br>The case says that the issue to be appealed must be one of "pure law."<br><br>And the SEC has an issue that's part Bloodhound, a little Chihuahua and half Mutt.<br><br>It's a high hurdle to jump over for the SEC. <a href="https://t.co/PoAdEIE5Eh" rel="noopener noreferrer nofollow">https://t.co/PoAdEIE5Eh</a><a href="https://t.co/ngG0pCF551" rel="noopener noreferrer nofollow">pic.twitter.com/ngG0pCF551</a></p>— Jeremy Hogan (@attorneyjeremy1) <a href="https://twitter.com/attorneyjeremy1/status/1697734459582300606?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a></blockquote></div></figure><p>The SEC has until September 8 to respond to today’s filing. The big question here is whether the SEC will come up with a compelling counterargument or find themselves stuck in legal limbo!</p><p>This Might Interest You: <a href="https://coinpedia.org/news/xrp-news-data-from-pitchbook-says-ripple-is-definitely-going-public/" rel="noopener noreferrer nofollow">XRP News: Data From Pitchbook Says Ripple is Definitely Going Public</a></p>

Crypto News: SEC’s Request for XRP Appeal Faces Opposition and Mockery

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