The U.S. Securities and Exchange Commission (SEC) has allowed an interim appeal against Ripple
Date: 2023-08-18 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
The U.S. Securities and Exchange Commission (SEC) received court permission to file an interlocutory appeal against Ripple on August 17.
The documents show that Judge Analisa Torres considered the submissions of both parties and granted the SEC's request to file a motion for leave to file an interlocutory appeal.
The latest statement does not state why Judge Torres decided to grant the SEC's request for an interlocutory appeal, nor does it represent Judge Torres' final agreement or disagreement with the SEC's pending appeal in and of itself.
The SEC will have until August 18 to file an appeal, while Ripple will have to file its opposition papers by September 1. The SEC will have until September 8 to file any response.
SEC appeal aims for Ripple to win
The SEC initially filed charges against Ripple in December 2020. Ripple won a partial victory in this case in July 2023 when the courts found that its software or exchange sales and some other distributions of XRP were not securities.
Now the SEC intends to challenge this result. The U.S. Securities and Exchange Commission (SEC) set out the basis for an interlocutory appeal on August 9. There, he argued that there was a controlling difference in legislation and room for significant differences of opinion, as evidenced by the "intra-district split", in particular due to the controversy in the separate SEC v. Terraform Labs case.
Ripple attempted to block the SEC's appeal on August 16, arguing that the alleged appeal deviates from the regulator's earlier focus, namely the application of the Howie test. Ripple also argued that the matter could not be settled by simple application of the law, which it believes is necessary for any appeal of this type.
Lawyers for Ripple executives Brad Garlinghouse and Chris Larsen also filed objections to the SEC request later that day.
Lawyers for the executives disagreed with the stay or pause in proceedings that would result from the SEC's appeal, noting that the moratorium would cause the two individuals to wait longer for litigation. Both executives are currently awaiting jury trials at their own request.
