Judge grants SEC request to file motion for appeal in Ripple case
Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to leave to file an interlocutory appeal in its case against Ripple Labs. The securities regulator sent a letter to Torres on Aug. 9, saying her decision could affect multiple pending court cases.
According to United States laws, an interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding. The decision allows the SEC to build and bring a case to the U.S. Court of Appeals for the Second Circuit by Aug. 18. Ripple will also will also be able to file an opposition to the appeal.
The decision comes just a few hours after Ripple Labs voiced opposition to a potential appeal in the case. Ripple’s lawyers put forth three main arguments in opposition against the SEC’s request.
They first argued that an appeal requires a pure question of law, and that the SEC’s request raises no new legal issues that need to be reviewed. They also argued that the SEC’s claims of incorrect court ruling on the matter is not sufficient, and that an immediate appeal will not advance the termination litigation proceedings.
BREAKING: Judge Torres has GRANTED the @SECGov’s request to leave to file an interlocutory appeal in the @Ripple case. Timeline included pic.twitter.com/QQ7NAQF5sH
Judge Torres ruled on July 13 that Ripple's native token (XRP) is not a security when distributed in public sales, but considered XRP a security in institutional 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 company was offering an unregistered security.
In a recent
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