Judge Analisa Torres has granted the US Securities and Exchange Commission (SEC) an application for an interim appeal in its lawsuit against Ripple Labs.
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- 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.
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