As XRP struggles to find stability, after losing the key support level, the federal regulator the SEC has struck back at Ripple.
In a recent development in SEC-Ripple lawsuit, the federal regulator has filed a reply memorandum to Ripple’s opposition with regards to the certification of the so called interlocutory appeal. In the reply memorandum, the SEC has given the reference of Weber V. US case as the regulator argued that the court should certify the interlocutory appeal because the issues that have popped out of court’s summary judgement are the issues the US Congress sought to find resolve of, through the introducing the Interlocutory appeal in 2006.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 8, 2023
The SEC also stated that while they have the “institutional interest in the efficient resolution of this case,” Ripple is trying to delay the proceeding as the firm is not interested in the efficient resolution of the lawsuit. The regulator reasoned that Ripple is behaving as such so that they could continue to make sale of XRP in the public markets, which the SEC considers illegal.
It is notable that the SEC had initially filed the motion for the Interlocutory appeal on August 18th, after the court, on the summary judgement issued on July 13th, declared that XRP in itself is not a security asset and its sales in the secondary market can not be considered the sale of a security asset.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 18, 2023
Ripple submitted the opposition to SEC motion on September 2nd, as the blockchain firm argued that for an interlocutory appeal to be filed, the case must reach a certain conclusion, which, according to Ripple, did not happen by then.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 1, 2023
Now that the SEC has filed a reply memorandum to Ripple’s opposition, it will be Intriguing to watch how the lawsuit proceeds in the coming months.
In the meanwhile, currently trading at $0.47, XRP is down 5.61% during the day and 6.01% over the week. This recent dip in XRP’s price is the consequence of the coin losing a key support level of $0.50 just yesterday.