SEC granted permission to file interlocutory appeal in Ripple case
Judge Analisa Torres has granted the US Securities and Exchange Commission (SEC) an application for an interim appeal in its lawsuit against Ripple Labs.
See related article: XRP’s Partial Victory As Russia Approaches CBDC; Arkham draws criticism
brief info
- Interim appeals are held before all claims by all parties are settled and are only allowed in certain circumstances.
- In that case, the SEC has until August 18 to file a motion for permission to file a case with the U.S. Court of Appeals for the Second Circuit. Ripple Labs may also object to the agency’s request.
- Torres, a District Judge for the U.S. District Court for the Southern District of New York who is leading the case, allowed the SEC’s appeal about a month after Ripple’s partial victory in its lawsuit, which ruled that institutional XRP Ripple sales violate securities laws. however, this was not the case for public sales on stock exchanges.
- “The motion to appeal (even if granted) does not change the fact that XRP is not a security. This is not up for debate/process. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP was not a security. This is utter nonsense,” said Brad Garlinghouse, CEO of Ripple Labs. tweeted on Thursday.
- The SEC sued Ripple in December 2020, saying the company was offering an unregistered security.
See related article: Ripple Receives In-Principle Approval for Singapore Digital Payments License
