There have been critical developments in recent weeks in the litigation process between the US Securities and Exchange Commission (SEC) and #Ripple company, which has been ongoing since December 2020. Many lawyers commented on the critical developments that have occurred in recent weeks and evaluated the ongoing appeal process.
Latest Situation in SEC-Ripple Case
With the United States Securities and Exchange Commission filing a lawsuit against the Ripple company in December 2020, the SEC-Ripple case became one of the symbols of the conflict between financial regulators and crypto companies. Although there have been many important developments in the case over the years, the XRP decision in the case in July was described as a turning point for Ripple.
In mid-July, Judge Torres' ruling that Ripple's XRP sales did not constitute an investment contract was considered a victory for Ripple in the crypto ecosystem. The appeal process began when the SEC appealed the decision.
In addition, Bill Morgan, one of the lawyers who support XRP, touched upon the appeal process with his posts on his X (formerly Twitter) account. Regarding the appeal process, Morgan said, "Since the hearing has not been postponed, it will not take long and the parties will still be ready for the hearing," and suggested that if Judge Torres does not act quickly, this could be a bad sign for the SEC's chances of getting permission to appeal or at least staying the trial pending the appeal. .
In the ongoing legal fight between the SEC and Ripple in recent months, there have been many critical developments in favor of Ripple, especially the #XRP decision in mid-July. However, with the SEC appealing the decision, the process was prolonged and the case has not yet been concluded in favor of either party.
NYDFS, XRP's Delist Etti
In addition, another critical development took place during the week on behalf of the XRP issuer Ripple company. The New York Department of Financial Services (NYDFS) has removed XRP from its list of approved cryptocurrencies. Attorney Bill Morgan made an assessment of NYDFS's removal of XRP from the list of approved cryptocurrencies and criticized the move, citing Judge Torres' decision that Ripple company's sales of XRP do not constitute an investment contract.
NYDFS received reactions from many people when it removed XRP from the list. Lawyer John Deaton also reacted to the removal of XRP from the list of cryptocurrencies approved by NYDFS and directed various criticisms to the New York regulator on the issue from his social media accounts.
