The SEC asked the court to grant the appeal to process its appeal against the interim decision in the Ripple case.
The SEC appealed to the court after announcing a ruling against it in the years-long Ripple lawsuit. The SEC continues to press for this appeal to be accepted and processed.
SEC seeks approval of application to court
The SEC has requested to uphold the interim appeal in the ongoing lawsuit with Ripple Labs. This request came after the SEC had previously announced that it was allowed to file an interim appeal by the judge in the case.
It is stated that Ripple has until September 1 in response to this move by the SEC. Earlier this month, the SEC announced its intention to appeal the partial defeat in July. This caused the XRP token price to rise.
SEC lawyers argued that the way the court handled the Ripple case could have “significant impact”, as could other pending lawsuits, as well as litigation between major crypto trading platforms Binance and Coinbase. The SEC also stressed the need for an urgent appeal, noting that these issues “include significant legal grounds for differing opinion.”
Ripple opposes this move of the SEC, claiming that there is no situation where all issues need to be resolved before the appeal. The dispute between Ripple and the SEC dates back to 2020, when the SEC accused Ripple of raising $1.3 billion through XRP sales.
In a previous ruling, judge Analisa Torres ruled that some of Ripple’s so-called programmatic XRP sales did not violate securities laws. However, the SEC is contesting this decision to have XRP offers and sales, which they call “other distributions,” be considered securities.
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