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Ripple (XRP)

Ripple Has Finally Responded To The SEC’s Interlocutory Appeal

Scott Matherson
by Scott Matherson
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In August, the Securities and Exchange Commission (SEC) filed an interlocutory appeal against Judge Torres’ ruling in favor of Ripple Labs. In response, the crypto firm has now filed its reply in opposition to the SEC’s request for an appeal. 

Ripple And Its Executives Object To Appeal

According to the court filing dated September 1, Ripple stated that the SEC doesn’t have the right to an appeal as the “exceptional circumstances” required for it are absent. 

The SEC had earlier argued that an appeal was necessary because it involved controlling questions of law. The regulator also cited how Judge Torres’ ruling could affect its case against Terraform, Coinbase, and Binance. 

Related Reading: Mysterious Owner Of Second-Largest Ethereum Wallet Exposed By DeFi Protocol

However, according to Ripple, the summary judgment doesn’t present a controlling question of law to warrant an appeal. The company noted that a pure question of law only arises when it is one that the court can review and decide quickly without having to study the record. In this case, the appellate court will have to study the record before deciding, just like Judge Torres did. 

Another ground for an interlocutory appeal being granted is whether or not an immediate appeal would ultimately ensure that the case is finalized quickly. In proving that the SEC had not satisfied this ground, Ripple stated that the Commission had shown it intended to continue its lawsuit against it even if the latter succeeded in its appeal. As such, the appeal should be rejected since it wouldn’t hasten the lawsuit. 

The SEC had earlier asked that Judge Torres’ ruling be stayed pending the determination of the appeal. So Ripple also asked that the court deny the SEC’s request for a stay as the regulator had not met the standard for one. 

Ripple (XRP) price chart from Tradingview.com (SEC)

XRP price trending at $0.5059 | Source: XRPUSDT on Tradingview.com

Focus Of The Appeal

Although the court approved the SEC’s request to file an interlocutory appeal, the appeal could still be denied. If approved, however, the main focus will be on Judge Torres’ ruling that Ripple’s programmatic sales and other distributions didn’t constitute an investment contract.

Related Reading: What The New Ethereum Stakers Self-Limit Rule Means For The Network

The court’s ruling on the programmatic sales could have a huge impact on the crypto industry going forward. Programmatic sales include ones made through exchanges. So, if the SEC gets a ruling in its favor, it would provide it with much-needed momentum to further its case against Coinbase and Binance, where it is alleging that both exchanges offered securities. 

However, some experts expect that the SEC will again lose upon appeal as the court will have recourse to the evidence adduced in the lower court and will decide that the SEC didn’t provide enough proof to back its arguments.

Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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