Ripple Faces SEC’s Bid for Quick Resolution in XRP Legal Battle
The U.S. Securities and Exchange Commission (SEC) has taken action by filing a motion to seek interlocutory appeal for two crucial rulings in the Ripple case concerning XRP.
The SEC’s basis for this motion is asserting that they warrant an immediate appeal of these rulings due to their involvement in pivotal questions of law. These rulings concern the judgment on Ripple’s offers and sales of XRP, specifically addressing whether they could reasonably give rise to profit expectations from the efforts of others, and the ruling that examines whether Ripple’s distribution of XRP as payment for services legally questions its classification as an investment of money.
The SEC argues that these issues bear substantial grounds for difference of opinion and obtaining an appellate ruling on these matters could significantly expedite the resolution of this ongoing litigation. Ripple and its key figures, including CEO Brad Garlinghouse and co-founder Chris Larsen, have expressed opposition to the SEC’s request for an interlocutory appeal, contending that a departure from the rule requiring the resolution of all issues before an appeal is not justified. The court order has established timelines for responses, with Ripple having until September 1 and the SEC until September 8 to file their respective replies.
Clever Robot News Desk 21st August 2023
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