- Ripple intends to file a cross-appeal if the SEC wins approval for an interim appeal in the ongoing XRP lawsuit.
- Ripple’s resolve includes challenging court findings that its institutional sales were securities and aims to defend the classification of sales to ODL customers.
In the intricate world of blockchain litigation, Ripple Labs is not letting its guard down against the U.S. Securities and Exchange Commission (SEC). The fintech firm has recently filed a counter-motion in response to the SEC’s request to secure an interim appeal against a court ruling on XRP from this past July.
The Legal Landscape
Stuart Alderoty, Ripple’s Chief Legal Officer, has vocalized this counter-strategy on social media, encouraging the crypto populace to delve into the nuances of the legal opposition documents, even highlighting the footnotes. The move has bolstered the spirits of Ripple’s staunch advocates, while others apprehensively comment that the case is far from reaching its finale.
Ripple just filed its opposition to the SEC’s request for an interlocutory (interim) appeal. Worth a read IMO, especially the footnotes 😁. Fn. 5 is one of my personal favorites. https://t.co/E6ZSbShPwy
— Stuart Alderoty (@s_alderoty) September 1, 2023
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In the labyrinthine court documents, Ripple asserts its intent to file a cross-appeal should the SEC’s motion be accepted. This essentially means Ripple will contest the portion of the court’s ruling which upheld the SEC’s standpoint that Ripple’s XRP sales to institutional investors constituted a security offering. This is a pivotal point, as a “security” label subjects the digital asset to specific regulatory scrutiny and compliance requisites under U.S. law.
Renowned pro-XRP attorney Bill Morgan dissects the issue further, highlighting Ripple’s goal to not only appeal the classification of its institutional sales but also defend any sales of XRP to On-Demand Liquidity (ODL) customers that transpired after the SEC initiated its lawsuit. Additionally, Ripple is setting its sights on cross-appealing the legal intricacies surrounding the definition of an “investment contract.”
The Fine Print of Appeal Mechanics
It’s pertinent to note that the SEC’s request for interim appeal itself is a deviation from standard legal protocol. Ordinarily, parties embroiled in ongoing lawsuits can’t appeal court rulings until the case reaches its conclusion. Hence, the SEC’s motion to appeal certain aspects of Ripple’s July court win is essentially a petition to sidestep this conventional legal pathway.
As a rejoinder, Ripple’s Chief Technology Officer communicated the firm’s position last month, emphasizing that Ripple is poised to counteract by filing multiple cross-appeals should the SEC gain the court’s nod for an interim appeal. The strategic chess game between Ripple and the SEC thus promises to add more layers to this already complex legal tapestry.
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