Judge Analisa Torres accepted the SEC’s request to file an appeal in the Ripple case. The SEC has until August 18 to officially submit its motion. In addition, defendants will have until September 1 to respond.
The court accepted the SEC’s appeal!
Judge Analisa Torres has granted the United States Securities and Exchange Commission’s (SEC) request to file a provisional appeal in the lawsuit filed against Ripple Labs. As you follow on Kriptokoin.com, the securities regulator sent a letter to Torres on August 9th. The SEC said in the letter in question that the decision will affect multiple pending lawsuits.
Under United States law, other aspects of the case are still pending. In this case, an interim appeal occurs when a decision made by a court is appealed. The ruling allows the SEC to file and bring a case to the U.S. Court of Appeals for the Second Circuit by August 18. Ripple also has the right to file an appeal against the appeal.
Three main arguments against the SEC’s request from Ripple lawyers
The decision came just hours after Ripple Labs opposed a possible appeal in the case. Ripple’s lawyers put forward three main arguments against the SEC’s request. First, they argued that the appeal required a pure question of law and that the SEC’s request did not raise any new legal issues that needed to be examined. They also argued that the SEC’s allegations of wrongful judgment on the matter were insufficient and that an immediate appeal would not advance the termination litigation process.
Brad Garlinghouse: Appeal further solidifies current decision!
Judge Analisa Torres ruled on July 13 that Ripple’s native token (XRP) was not a security when it was distributed in public sales. But he accepted XRP as a security in institutional sales. The lawsuit against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its two top executives, Brad Garlinghouse and Chris Larsen, for allegedly offering the company an unregistered security.
In a recent interview with Bloomberg, Garlinghouse shared his views on the outcome of the case. In this context, Garlinghouse stated that the SEC will face a lengthy appeal process. Also, “As a legal matter, the law says Ripple (XRP) is not a security. Until an opportunity arises for the SEC to file an appeal, frankly, we are very optimistic. After all, it will take years.” said. According to Garlinghouse, an appeal against the individual sale decision would further solidify the current decision.
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