According to Ripple’s legal officer, no unusual condition warrants the SEC’s ability to appeal its partial loss amid the pending case.
Ripple Labs has vehemently opposed the Securities and Exchange Commission’s move toward an interlocutory appeal associated with the July 13 judgment by U.S. District Court Judge Analisa Torres.
Ripple’s attorneys wrote a letter on August 16 to Torres of the Southern District of New York to explain the failure of the Securities and Exchange Commission to meet the aspects of the Howey test associated with Ripple’s distribution of a ‘legal query.’ As such, the court must dismiss the agency’s motion for leave to file an interlocutory appeal.
Ripple Attorney Disputes SEC Basis to Appeal Ruling Partially
An interlocutory appeal occurs when a trial court’s ruling is appealed while other case elements continue and are exclusively permitted under particular conditions. According to Ripple’s attorneys, it would be more advisable for the Securities and Exchange Commission to use a full record to petition the court’s ruling following an ultimate judgment.
Ripple’s attorneys highlighted three major arguments opposing the agency’s request. First, they claimed that an appeal needs a pure query of law, and the request by the agency fails to evoke new legal matters that need review.
Secondly, the attorneys argued that the agency’s argument about the court ruling erroneously about the issue is insufficient. This is because it needs to prove that two courts are conflicting with each other over the subject matter, which is not the case.
SEC Lacks the Rational to Convince Departure from Standard Legal Procedure
The lawyer’s third argument was that an abrupt appeal would not easily detach the termination trial proceedings. Ripple’s chief legal officer, Stuart Alderoty, revealed that no unusual circumstance was present to warrant the court’s departure from standard legal procedure. As such, an appeal was unnecessary.
On July 13, Ripples partially won over the Securities and Exchange Commission concerning XRP’s securities status. According to Torres, the XRP token was not a security. Nevertheless, she divulged that under unique circumstances, XRP tokens’ sales could be securities, for instance, when sold to institutional investors instead of being traded on exchanges to retail traders.
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