Ripple has submitted its official response to the SEC’s appeal request

Ripple Labs has responded to the US Securities and Exchange Commission’s (SEC) request for permission to file an appeal. In its response to the court, the company argued that Ripple does not meet the requirements for filing an appeal.

“We object to the SEC’s interim appeal,” said Stuart Alderotti, Ripple’s general counsel. There are no extraordinary circumstances here to justify a failure to enforce the rule, which requires that all matters concerning all parties To be resolved before appeal. Phrases used.

As is known, the SEC sued Ripple and the company’s CEO Brad Garlinghouse and its co-founder Chris Larsen in December 2020, claiming they violated the law by collecting $1.3 billion through the sale of XRP , which the parties claimed to be investment. Contract. Last month, the expected decision came in this matter which lasted for about two and a half years. The court ruled that the sale of XRP on exchanges does not qualify as an investment contract. However, the corporate sale was considered an investment contract. The decision was generally met with enthusiasm in the cryptocurrency market, as it caused the price of XRP to rise very quickly.

Unable to get what it wanted from the court, the SEC announced last week that it plans to appeal the decision and will file a provisional appeal. On the other hand, according to experts, it is not easy to accept the request of SEC. In order for the institution to appeal, it must first obtain approval from the court, then the appellate court, and then the second circuit court.