David Schwartz, the chief technology officer at the crypto exchange Ripple Labs, recently discussed US SEC’s Appeal. The executive took to X (formerly known as Twitter) to remark on that appeal. The US Securities and Exchange Commission (SEC) filed the respective appeal in its lawsuit against the crypto exchange. While providing details, Schwartz stated that the SEC is pursuing an appeal at present in line with its understanding.
Ripple Executive David Schwartz Reacts to the US Regulator’s Appeal in the XRP Lawsuit
He added that the SEC thinks that the lawsuit has not reached its denouement. This interpretation lets the engaged parties appeal following the lawsuit’s conclusion. This procedural plan intends to improve the efficiency of the legal proceedings. In addition to this, it also attempts to circumvent frequent distractions to the main lawsuit.
The respective disruptions are caused by multiple appeals dealing with minor decisions. On the 13th of July, Judge Analisa Torres ruled that XRP lies outside the fold of securities. Nonetheless, this status was conditioned with the token’s trading on digital asset exchanges. Following that decision, the SEC has filed an appeal.
SEC Wants to Delay the Legal Proceedings While Ripple Disagrees
The respective move is prompted by a supportive ruling for Ripple. Even then, the submission pays a lot of attention to an unforeseen turn within the lawsuit’s proceedings. Schwartz emphasized that merging appeals is important to enhance the speed of legal proceedings. On the other hand, it added, separate appeals can potentially delay the respective procedure.
Nevertheless, the executive explained a rule dealing with special situations. As per the SEC’s argument, this case’s exclusive situation is a reason for doing things differently. Hence, the regulator suggests stopping the procedure until the settlement of the appeal. However, Ripple does not agree with this. It believes that the lawsuit should not stop.
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