Ripple’s repressive lawyers raised concerns over the SEC’s position in the XRP lawsuit.
Ripple is a San Francisco-based fintech company that provides global payment services with the help of XRP Leger (XRPL). In Dec 2020, Ripple was sued by the US Securities and Exchange Commission (SEC) over the nature of XRP coin. In July 2023, the court judge ruled in favor of Ripple. In response, the SEC body decided to appeal against the court ruling in the XRP lawsuit.
On 1 Sep 2023, The Ripple representative lawyers filed with the U.S. District Court for the Southern District of New York and stated that the SEC body wants to appeal against the court ruling because of the body’s dissatisfaction” with a judge’s decision that the XRP token did not qualify as a security for sales to retail investors.
Here we can say that Ripple’s lawyers indirectly said that the SEC body is not happy with the court ruling that went in favor of Ripple.
On 30 Aug 2023, Ripple CEO Brad Garlinghouse shared his opinion on the SEC’s regulatory efforts against crypto companies.
Garlinghouse said that the American independent financial regulatory body SEC used the wrong & baseless facts to take action against crypto companies
Two days back, the fund manager Grayscale won the case against the SEC. The court judge ruled in favour of Grayscale and said that the SEC’s stance on the Bitcoin spot ETFs would be the same as Bitcoin futures ETFs because both of the products were the same.
Just a day ago, the former SEC chairman Jay Clayton said that Bitcoin spot ETF applications will surely secure regulatory approval from the SEC body but it will take time.