Judge grants SEC request to file motion for appeal in Ripple case

nestorsauer8 18. August 2023 0

Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a motion for depart to file an interlocutory appeal in its case in opposition to Ripple Labs. The securities regulator despatched a letter to Torres on Aug. 9, saying her determination could affect multiple pending court cases.

According to U.S. legislation, an interlocutory appeal happens when a ruling by a trial courtroom is appealed whereas different features of the case are nonetheless continuing. The determination permits the SEC to file a motion by Aug. 18 requesting permission to carry a case to the U.S. Court of Appeals for the Second Circuit. Ripple can even find a way to file an opposition to the motion. 

The determination comes only a few hours after Ripple Labs voiced opposition to a potential appeal in the case. Ripple’s attorneys put forth three most important arguments in opposition to the SEC’s request.

They first argued that an appeal requires a pure query of legislation and that the SEC’s request raises no new authorized points that want to be reviewed. They additionally argued that the SEC’s declare of an incorrect courtroom ruling on the matter just isn’t ample and that a right away appeal is not going to advance the termination litigation proceedings.

Torres dominated on July 13 that Ripple’s native XRP (XRP) token just isn’t a safety when distributed in public sales, however the ruling thought of XRP a safety in institutional gross sales.

The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations the corporate was providing an unregistered safety.

In a latest interview with Bloomberg, Garlinghouse shared his belief that the SEC would face a prolonged appeals course of. “As a matter of law, the law of the land right now is that XRP is not a security. Until there is an opportunity for the SEC to file an appeal, which would take years, frankly, we are very optimistic,” he famous. According to Garlinghouse, an appeal in opposition to the retail gross sales ruling would solely additional solidify the choice that Torres made.

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