Ripple Labs Objects to SEC’s Request for Interlocutory Appeal
Ripple Labs has strongly objected to the SEC’s request for an interlocutory appeal, stating that there are no exceptional circumstances that would warrant such an appeal. This objection comes after a court ruling in July that determined the sale of XRP to retail investors did not fall under securities.
Ripple’s Lawyers Suggest SEC to Appeal After Final Judgment
The SEC recently communicated its desire for an interlocutory appeal to the presiding judge overseeing the case. In response, Ripple Labs submitted a letter objecting to the SEC’s position. Ripple argued that the SEC had not fulfilled the necessary elements of the Howey test, which evaluates Ripple’s distribution of the XRP token.
What is an Interlocutory Appeal?
An interlocutory appeal is a legal procedure in the United States that allows for the appeal of a trial court decision while the case is still ongoing. The SEC is pursuing this appeal before the final decision in the case has been issued, prompting Ripple’s legal team to contest it.
Ripple Lawyers Present Three Arguments Against SEC’s Appeal
Ripple’s legal team presented three major arguments to dissuade the court from granting the SEC’s appeal request. They emphasized that the appeal does not introduce any novel legal matters, that there is no clear conflict between courts regarding the core issues, and that granting the appeal would not expedite the proceedings.
XRP Supporters Show Support on Social Media
Ripple’s Chief Legal Officer, Stuart Alderoty, shared the court’s letter and expressed opposition to the SEC’s request for an interlocutory appeal. This viewpoint was supported by cryptocurrency investors on social media.
Hot Take
Ripple Labs’ objection to the SEC’s request for an interlocutory appeal demonstrates their confidence in the court’s prior ruling and their determination to fight against the SEC’s claims. This ongoing legal battle highlights the complex and evolving nature of regulations surrounding digital assets.
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