The US Securities and Exchange Commission (SEC) claimed that Ripple company delayed the final solution in order to continue selling XRP.
The process between the US regulatory agency SEC and Ripple has become a dead end. It is noteworthy that both sides exhibit a clear stance in the legal struggle that cannot be resolved.
Ripple objected to the SEC’s objection and the appeal of some decisions. The other day, the SEC came down hard on Ripple’s objection. The regulator accused Ripple of delaying the outcome so it could continue selling XRP.
New dimension in SEC and Ripple tension!
The blind knot lawsuit between the SEC and Ripple never came to a conclusion. The case is getting longer as different controversies arise all the time.
New York District Court Judge Analisa Torres signed a decision in favor of Ripple in July. Torres explained that Ripple’s sale of XRP on exchanges is not a security. The judge determined that Ripple’s sales of XRP to institutional investors were securities.
Following this decision, the SEC argued that the decision should be appealed to the appeals court. Ripple objected to the SEC’s appeal request and asked the court to deny the SEC’s request.
The SEC, which made a move the other day, almost threw Ripple on the ball. The SEC argued that whether Ripple violated securities law in offering XRP to retail investors through crypto exchanges was certainly a question mark requiring appellate court intervention.
The SEC accused the Ripple company of delaying resolution so that it could continue to sell XRP freely on public markets. In the statement from the institution, the following was said:
The SEC, like the Court, has an institutional interest in the eventual resolution of this case in the most efficient manner. By contrast, defendants’ interest is to delay final resolution so they can continue to freely sell XRP on the public markets without the disclosures that accompany registration, generating net ODL sales of over $3 billion since 2020 alone.
