- Ripple Labs files opposition against the US SEC’s intended interlocutory appeal in the ongoing lawsuit.
- Ripple’s chief legal officer claims no “extraordinary circumstance” for the appeal before the case’s conclusion.
XRP Lawsuit: Ripple’s Strong Retaliation
In the unfolding legal saga between Ripple Labs Inc. and the US SEC, Ripple has now made its countermove. Responding to the SEC’s interlocutory appeal request, Ripple’s stance is clear: it’s too early.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 16, 2023
The SEC, despite acknowledging that a direct appeal against Judge Analisa Torres’ verdict isn’t an option, sought an interlocutory appeal. This type of appeal is rare, taken up mid-trial and typically under special circumstances. Torres’ ruling identified XRP tokens traded on secondary platforms as not being securities, a decision the SEC seems keen on challenging.
Ripple’s response underscores a significant issue: the SEC’s case-by-case approach to regulating cryptocurrencies. Ripple asserts that it’s only logical for the SEC to await the final judgment before initiating an appeal. Furthermore, they contend that the SEC’s attempt to pivot on the application of the Howey Test, a standard used to determine if an asset is a security, to specific XRP transactions appears reactionary given the current court position.
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A Twisting Legal Tale: Ripple Vs. SEC
Legal experts monitoring the digital currency’s legal landscape have applauded Ripple’s resilience. With the case details out in the open, there’s consensus around the robustness of Ripple’s arguments. This nearly three-year legal face-off has witnessed numerous twists and turns, with Ripple’s recent maneuver being one of the most strategic.
What’s on the line? Not just Ripple’s fate but potentially the future trajectory of other crypto platforms like Cardano (ADA), Solana (SOL), and Polygon (MATIC) that the SEC might scrutinize.
In a recent correspondence to Judge Torres of the Southern District of New York, Ripple’s legal team elucidated their position. They highlighted three primary arguments against the SEC’s appeal move:
- A valid appeal requires a distinct question of law, and the SEC’s appeal raises no new legal concerns.
- The SEC must demonstrate that two courts hold conflicting views on the matter, which is not evident.
- An immediate appeal wouldn’t hasten the litigation’s conclusion.
Adding weight to this opposition, Stuart Alderoty, Ripple’s chief legal officer, emphasized the lack of any “extraordinary circumstance” that would warrant the court to deviate from the established legal procedures.
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