JUST IN: Ripple Fires Back At Potential SEC Appeal

By Vince • August 17, 2023 10:25 am • Comments

They just won’t quit, will they?

Ripple gained a substantive victory over the Securities and Exchange Commission in the ongoing lawsuit, and this victory set an incredible legal precedent for cryptocurrencies and digital assets.

As it stands, XRP is the only cryptocurrency with regulatory clarity in the United States.

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Despite this, the SEC continues to press on in hopes of appealing the findings of the court. …

According to recent court filings, legal counsel for Ripple has submitted a formal motion to oppose any possibility of an interlocutory appeal—a form of appeal that may be filed while a case is still ongoing.

Lawyers for Ripple argue that the SEC essentially has no arguments or legal standing, and argue that if the agency wants to appeal, it should wait for a final verdict and an end to the legal proceedings before filing.

Ripple legal counsel James K. Filan presented the corresponding documentation for Ripple’s opposition to a potential appeal from the Securities and Exchange Commission.

Ripple CEO Brad Garlinghouse reminded XRP investors:

“The request for appeal (even if granted) doesn’t change the fact that XRP is not a security.

That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense.

The Judge’s July 13 ruling said that the SEC would be put to their proofs at trial regarding their claim against Chris and me. We look forward to proving the SEC wrong as a matter of fact and law (again).”

 

Coin Telegraph elaborated further:

In an Aug. 16 letter to Torres of the Southern District of New York, Ripple’s lawyers explained that because the Securities and Exchange Commission failed to satisfy elements of the Howey test relating to Ripple’s distribution of XRP— a “legal question” — the court should reject the SEC’s motion for leave to file an interlocutory appeal.

Ripple’s Chief Legal Officer Stuart Alderoty echoed a similar sentiment: “The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned.”

 

Journalist and crypto reporter Eleanor Terrett clarified the legal opposition to an SEC appeal:

“The company, Brad Garlinghouse, and Chris Larsen oppose the appeal on the following grounds: 1. The Court’s Order Does Not Involve a Controlling Question of Law. 2 The SEC Cannot Show a Substantial Ground for Difference of Opinion. 3. An Immediate Appeal Will Not Advance the Termination of This Litigation.”

 

Daily Coin explained:

Notably, this opposition document meticulously underscores the potential for irreparable damage to the reputations of Ripple’s top executives.

It raises probing questions about the underlying motivations driving the SEC’s pursuit of this particular course of action.

 

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