In a move that is anticipated by keen observers in the digital currency ecosystem, Ripple Labs Inc has filed its opposition to the anticipated motion for leave to file an interlocutory appeal submitted earlier by the US SEC in the ongoing Ripple Vs SEC lawsuit.
The industry expected this as many acknowledged how impossible it will be for the market regulator to accept the ruling which is likely to form a precedent in the Web 3.0 world. The industry at the same time expected Ripple Labs to push back against the Gary Gensler anti-crypto commission.
The payments firm noted that the SEC is trying to make a turnaround on a matter of law bordering on the application of the Howey Test to specific XRP transactions seeing the position of the court at this time did not favor its plans.