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Ripple Labs’ top lawyer said the SEC’s appeal against a landmark court ruling in July in favour of the token XRP is ”hypocritical.”
“After years of its chairman saying the `rules are clear and must be obeyed,’ the SEC now cries that an appeal is urgently needed to resolve these ‘knotty legal problems,”’ tweeted Stuart Alderoty, Ripples’ chief legal officer and general counsel.
The landmark court decision gave Ripple a partial win against the SEC when it was ruled that XRP is not a security when sold to the public. But the court also ruled that XRP is a security when sold to institutional investors, giving the regulator a partial win.
Another SEC filing, another hypocritical pivot…
After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems." https://t.co/ige4neIWRD
— Stuart Alderoty (@s_alderoty) September 8, 2023
SEC Also Criticised By Other Lawyers
The SEC’s move also has attracted criticism from other lawyers.
“The SEC’s argument that Judge Torres should stay the proceedings because the SEC is all of a sudden concerned about conserving judicial resources is laughable,” tweeted James K. Filan.
Ripple has asked that the SEC’s request for an appeal be rejected, claiming that the court’s summary judgment “does not present a controlling question of law suitable for interlocutory appeal.”
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