The Ripple vs. SEC saga continues, with Ripple refusing to back down. In response to the SEC’s request for an interlocutory appeal following a ruling that XRP sales did not violate securities law, Ripple has declared that the SEC has failed to satisfy the prerequisites for an appeal. The agency argued that their request was a “legal question”, however Ripple has rebutted this point.
Stuart Alderoty, Ripple’s Chief Legal Officer, pointed out Footnote 5, which refutes the SEC’s statement that XRP has “no intrinsic value” and evidences its purpose as a bridge currency. Alderoty was perplexed by the SEC’s lack of knowledge on digital assets.
Crypto Twitter was abuzz with commentary on the issue. Influencer Cowboy Crypto criticized the SEC’s “lack of allegiance to the law” and lawyer Jeremy Hogan likened the SEC’s case to a mutt with unclear lineage and ambiguous intentions.
The SEC has until September 8 to respond to Ripple’s filing. Will the SEC be able to present a convincing counterargument or will they remain in legal purgatory?
