Ripple Objects to SEC’s Appeal of Ruling on Crypto as Non-Security

Ripple, the company behind the XRP cryptocurrency, has objected to the U.S. Securities and Exchange Commission’s (SEC) appeal of a court ruling in which a judge determined that the asset should not be considered a security. Ripple argued that the SEC “misstated the applicable legal standard” when it filed its appeal, as well as other “inaccuracies” in the agency’s motion. Ripple contends that the SEC has failed to provide sufficient evidence to demonstrate that the XRP token is a security or that Ripple’s activities constitute securities offerings. The company also claims that the SEC’s efforts to appeal the ruling are a “waste of judicial resources” since the regulator has not sufficiently made its case. The court filing comes after an earlier ruling that Ripple was not selling a security when it marketed the XRP token. That ruling was made by Judge Analisa Torres in the U.S. District Court for the Southern District of New York in October. The SEC appealed the ruling in December, arguing that Ripple’s failure to register XRP with the agency and its failure to comply with U.S. securities laws was a violation of the law. The case will now enter into appeals court, where the two parties will have to present their case once again for a final ruling.


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