Ripple Labs bites back against SEC’s request to file appeal
Ripple Labs has voiced its opposition towards the United States securities regulators move towards submitting an interlocutory appeal associating with the summary judgment laid down by U.S. District Court Judge Analisa Torres on Jul. 13. In an Aug. 16 letter to Torres of the Southern District of New York, Ripples attorneys described that due to the fact that the Securities and Exchange Commission failed to satisfy components of the Howey test relating to Ripples distribution of XRP– a “legal question”– the Court ought to turn down the SECs movement for leave to file an interlocutory appeal.An interlocutory appeal occurs when a judgment by a trial court is appealed while other aspects of the case are still continuing and are only allowed under specific scenarios. Ripples attorneys believe it is better for the SEC to appeal the Courts judgment after a last judgement with a full record. Ripple Labs formally opposes the SECs transfer to file an appeal in a letter to U.S. Judge Analisa Torres. Source: Court ListenerStuart Alderoty, Ripples chief legal officer, described that no “amazing scenario” exists in the matter that calls for the Court to leave from typical legal treatment:” There is no remarkable scenario here that would justify leaving from the guideline needing all problems as to all parties to be resolved prior to an appeal.” We oppose the SECs ask for an interlocutory appeal. There is no amazing circumstance here that would justify departing from the rule needing all issues regarding all parties to be resolved prior to an appeal. https://t.co/hjNIwEZkSt— Stuart Alderoty (@s_alderoty) August 16, 2023
Related: SEC v. Ripple: Judge greenlights financial investment banker declarants entry On Jul. 13, Ripple scored a partial triumph over the securities regulator relating to the securities status of XRP.Torres ruled that the XRP token was not in itself a security. She said, nevertheless, that sales of XRP tokens can be securities in particular scenarios, such as when offered to institutional financiers however not when offered on exchanges to retail traders.Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the last say?