- Ripple Labs’ CTO, David Schwartz, has provided an update on the United States Securities and Exchange Commission’s (SEC) appeal.
- The SEC is seeking an appeal at this specific point in the case to ensure procedural efficiency and avoid disruptions due to multiple appeals.
- After Judge Analisa Torres ruled that XRP is not a security when sold on digital asset exchanges, the SEC submitted an appeal based on a new development within the legal proceedings.
- Schwartz emphasized the importance of combining appeals to improve the process and make it shorter.
- Ripple believes that the main lawsuit should proceed while the appeal process happens, rather than stopping the process until the appeal is settled.
- There have been rumors in the Bitcoin community about the SEC wanting to appeal Torres’ decision to higher courts.
- The outcome of the legal disagreement between Ripple Labs and the SEC depends on the court’s decision on whether to accept the appeal request.
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