Is Ripple, the San Francisco-based payments company, facing a new legal challenge with the “SEC Appeal Over Landmark XRP Ruling”? The U.S. Securities and Exchange Commission (SEC) is attempting to secure a certification for an immediate appeal on a recent lawsuit ruling that went in favor of Ripple. This move by the SEC has sparked a vigorous response from Ripple, who is now pushing back.
The SEC’s Attempt at an Appeal
The SEC’s quest for an appeal follows a ruling that Ripple’s automated, open-market sales of XRP are not securities, a decision that contradicts the regulator’s stance. This landmark ruling was reported by Reuters last month, and it saw the SEC seeking Judge Analisa Torres’ approval to permit an appeals court to review her decision.
However, Ripple’s legal team argues that the exceptional requirements needed for the approval of the regulator’s certification request for an interlocutory appeal are not present. They maintain that the court’s summary judgment order does not present a controlling question of law suitable for interlocutory appeal.
Ripple’s Response
In their rebuttal, Ripple stated that the supposed substantial ground for disagreement is merely the SEC’s dissatisfaction with the court’s application of the Howey test to most of the defendants’ transactions in XRP. Furthermore, they pointed out that the SEC concedes that protracted litigation is necessary regardless of whether its requested interlocutory appeal succeeds. This means certification has no chance of hastening the end of this litigation.
Ripple CEO Brad Garlinghouse has previously stated that the SEC lost on everything that matters following the court’s July ruling. He believes this counters the agency’s claim that virtually all crypto assets count as securities.
The Next Steps
To prevent the potential reversal of this groundbreaking ruling, Ripple is urging the court not to grant the SEC’s request. They believe the court should deny the SEC’s motion for certification and also the SEC’s request for a stay pending appeal.
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