Ripple's CTO highlights the SEC appeal, citing the ongoing case's complexity. Appeals' efficiency is debated. Judge's ruling on XRP is pivotal.
According to the CTO, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet reached a conclusion.In a recent update on X , The Chief Technology Officer of Ripple Labs, David"JoelKatz" Schwartz, brought attention to a recent development involving the U.S. Securities and Exchange Commission appeal plea.
Following Judge Torres' pivotal ruling that XRP does not fall under the classification of security, the SEC. This move by the SEC, although prompted by the favorable verdict for Ripple, focuses on an unforeseen development within the legal proceedings. Yes. A party that loses on any claim or issue in their suit is entitled to appeal any adverse rulings at the conclusion of the suit. The SEC is asking for permission to appeal here because the suit is not complete yet for any party.The CTO stressed that combining appeals is vital to make things work better. This is important because having separate appeals could make the legal process take even longer.
However, the CTO clarified that there's a rule for special situations. The SEC argues that the unique situation, in this case, is a reason to do things differently. It suggests stopping the process until the appeal is settled, but Ripple disagrees. Ripple and its leaders believe that even if the SEC can appeal, the main lawsuit should keep going while the appeal process happens. This matches the idea of letting the trial continue and looking at appeals carefully when everything else is done.The CTO provided more information because of rumors going around in the Bitcoin community. There were discussions that the SEC might want to appeal Judge Torres' decision to higher courts.
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