SEC Pursues Appeal in Ripple-XRP Case, Aiming to Challenge Court’s Verdict
The U.S. Securities and Exchange Commission (SEC) has taken action in the SEC v. Ripple case involving XRP, by sending a letter to District Judge Analisa Torres.
The SEC is seeking permission to file an interlocutory appeal to challenge the court’s judgment. In its request, the SEC specifically aims to question the court’s conclusion that the “Programmatic” offers and sales of XRP to crypto asset trading platforms and Ripple’s “Other Distributions” for labor and services didn’t constitute the offer or sale of securities as per SEC v. W.J. Howey Co.
This move is driven by significant legal questions and differences of opinion, as the SEC points out an intra-district split in perspectives. Additionally, the SEC is seeking to temporarily halt the district court proceedings through the appeal process. However, the request for a stay doesn’t directly affect the court’s ruling.
Ripple Labs, the other party involved in the case, has a week to respond to the SEC’s letter. Stuart Alderoty, Ripple’s chief legal officer, clarified that the SEC is requesting permission to file an interlocutory appeal, and Ripple will provide its response to the court in the coming week.
Clever Robot News Desk 11th August 2023
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