Ripple Pushes Back Against SEC’s Motion for Appeal
Ripple is contesting the SEC’s request to appeal part of a significant ruling in a New York court. Last month, the SEC filed a motion with the U.S. District Court, seeking certification for interlocutory appeal. The agency argues that allowing the appeal would result in a more efficient resolution of the litigation. Ripple, on the other hand, wants the court to deny the SEC’s request, stating that it does not present a controlling question of law suitable for interlocutory appeal. Ripple’s lawyers also warn that if the SEC is granted the appeal, it could potentially seek to cross-appeal the court’s order regarding institutional sales of XRP.
New York District Court Judge’s Ruling
In July, Judge Analisa Torres ruled that programmatic sales of XRP by Ripple did not violate securities laws due to the blind bid process. However, she ruled that other direct sales of the token were securities, giving a partial win to the SEC. The SEC wants to appeal the decision on programmatic sales and “other distributions” of XRP. The SEC cited various crypto cases in its filing, including the Terraform case, to support its argument against Ripple’s position.
Hot Take: Ripple Fights to Prevent SEC Appeal
Ripple’s pushback against the SEC’s motion for appeal showcases its determination to challenge the SEC’s allegations. By opposing the appeal, Ripple aims to maintain its current position and prevent further delays in the resolution of the litigation. The outcome of this legal battle will have significant implications for the regulation of cryptocurrencies, particularly the classification of digital assets as securities. With both parties standing firm in their positions, it remains to be seen how the court will ultimately decide. The case serves as a reminder of the ongoing legal uncertainties surrounding the crypto industry.
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