The judge had made a ruling that favoured the XRP token. SEC has now gone ahead to appeal and stop them, Ripple has filed a motion to dismiss their action
Ripple Labs vs SEC: Round 2
The XRP holders were eagerly waiting for Ripple to act on the SEC’s appeal action. Fortunately, they recently filed a motion to combat them. SEC had called out XRP unworthy of being in the cryptocurrency exchange market because it was acting as a security and not a token. However, it’s not the first time the SEC is doing this with one of the tokens.
It is worth noting that SEC requested an appeal using the interlocutory appeal request. Many investors were expecting SEC to make such a move as it has been trying to implement itself as the main authority figure in crypto regulation. Cynthia Lummis and five other scholars also noted this in the SEC lawsuit against Coinbase.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 16, 2023
According to the motion filed, Ripple argued that SEC regulates the cryptocurrency token industry on a case-by-case basis and therefore, it should not request an appeal until the final verdict is passed. It went ahead and stated how the SEC is trying to turn back at a time when the court was not addressing their needs the way they wanted it to.
Ripple Needs To Win: Many Investors Hope
The lawsuit has been going on for three years now and the partial victory Ripple was expected to transform into a full victory. Investors are thankful that Ripple Labs followed through on the promise it had made to oppose SEC and hope that the judge rules in favour of the XRP token.