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Judge grants SEC appeal in Ripple case

Judge Analysis Torres He granted the United States Securities and Exchange Commission (SEC)’s request. Filing a lawsuit to file an interim appeal in the lawsuit filed against Ripple Labs. On August 9, the Commission sent a letter to Torres saying that his decision could affect many ongoing prosecutions.

According to US law, Interim appeal occurs when a court’s decision is appealed while other aspects of the process are still in progress.. The ruling allowed the SEC to seek permission to take the case to the U.S. Court of Appeals for the Second Circuit by August 18. Ripple will be able to oppose the move.

The decision came just hours after Ripple Labs filed an appeal against a possible appeal. Ripple’s lawyers presented three arguments against the SEC’s request.

at first they argued that the appeal required a pure point of law and that the SEC’s request did not raise new legal issues that needed to be examined. BesidesNoting that the YSK’s claim regarding the wrong decision of the court is not sufficient, urgent appeal does not advance the case resolution process.

Note: The appeal request (even if accepted) does not change the fact that XRP is not a security. This is not up for discussion/experimentation. However, the SEC still claims that Chris and I acted recklessly believing that XRP is not a security. This is absolutely nonsense. 1/2

β€” Brad Garlinghouse (@bgarlinghouse) 16 August 2023

Judge Torres on July 13. XRP token (XRP) of Ripple is not a security when distributed through public salesbut when it comes to corporate selling.

The lawsuit against Ripple Ongoing since December 2020When the SEC sued Ripple and its two CEOs, Brad Garlinghouse And Chris Larsenclaimed that the company provides off-the-record security.

In a recent interview with Bloomberg, Garlinghouse He expressed his belief that the SEC will face it. a long appeal process. β€œAt the moment the law states that XRP is not a security. Until the SEC appeal, which will take years, we are obviously very optimistic.”noted. According to Garlinghouse, Appealing the retail sale decision will only further solidify Torres’ decision.

Translation of Matteo Carrone

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