Breaking: SEC Files Motion for Leave in Interlocutory Appeal in Ripple Lawsuit
The US Securities and Exchange Commission (SEC) has formally requested an expedited appeal in response to Judge Analisa Torres’ decision on Ripple Labs’ XRP token. Contrary to recent speculation, the SEC will not appeal the decision that XRP is not a security.
🚨NEW: The @SECGov has officially filed its motion for leave to file an interlocutory appeal in the @Ripple case. 👇🏼 pic.twitter.com/K384Cqr2kI
— Eleanor Terrett (@EleanorTerrett) August 18, 2023
SEC Appealing Specific Segment of XRP Ruling
This development narrows the focus of the SEC’s challenge. While Judge Torres of the U.S. District Court for the Southern District of New York had ruled that XRP transactions through exchanges didn’t violate securities laws, the SEC is now appealing a specific segment of that decision. Consequently, the agency’s motion centers around Programmatic and Other Sales, part of Judge Torres’ initial ruling.
With the motion now filed, Ripple has until September 1 to respond, with the SEC allowed to reply by September 8. However, the SEC faces a challenging path, requiring both Judge Torres’ approval and the Second Circuit Court of Appeals permission to proceed with the expedited appeal.
US SEC Faces Challenges Ahead
Bill Hughes, Senior Counsel at ConsenSys, emphasized the uphill battle the SEC faces. “The legal standard is a difficult one to satisfy,” he noted, adding that the agency’s current appeal arguments have been previously undermined by its past statements.
Despite this, Dave Rodman, founder of the Rodman Law Group, pointed out that if the SEC wins approval from both courts, a stay on all proceedings might be issued until the appeal has been resolved.
As the legal skirmish ensues, the case promises to offer crucial insights into the classification and regulation of cryptocurrencies. The outcome, anticipated by industry stakeholders and investors alike, could shape the regulatory approach to digital assets for years to come.
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