Ripple legal chief refutes immediate SEC right to appeal pivotal XRP ruling Ripple legal chief refutes immediate SEC right to appeal pivotal XRP ruling
SEC's quest for rapid appeal against prevailing XRP decision contested by Ripple
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Updated: Aug. 10, 2023 at 12:22 pm UTC
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Ripple (XRP) chief legal officer Stuart Alderoty said the U.S. Securities and Exchange Commission (SEC) does not have the right to appeal the XRP ruling yet, according to an Aug. 10 tweet.
Alderoty made this statement in response to a letter sent by the SEC outlining its intention to file a motion asking the Court to grant leave to file an interlocutory appeal against Judge Analisa Torres’s ruling regarding XRP’s programmatic sales.
SEC shows intent to appeal XRP ruling
In the Aug. 9 letter, the financial regulator claimed there was a need for an interlocutory review of the intra-district split decision on the same issue, citing how Judge Jed Rakoff’s disagreed with Judge Torres’ decision. Judge Rakoff is presiding over the case between the SEC and Terraform Labs.
The regulator emphasized the pivotal nature of the review, noting how its outcome could set a precedent impacting other cases. Due to this, the SEC requested a stay on all proceedings, indicating its preference for the Court not to enforce the judgment during this period.
However, SEC also hinted at the possibility of appealing the final judgment if the Court refuses to grant its motion for interlocutory review.
The SEC letter shows that it is not letting up in its quest to bring the crypto industry under its control. Under chair Gary Gensler, the regulator has brought several legal actions against major crypto firms, including Binance and Coinbase.
Ripple to respond next week.
Ripple CLO stated that the crypto payment company would file its response to the SEC letter next week.
Alderoty did not provide additional details of what the response would be. However, he explained that the financial regulator “does not have the ‘right’ to appeal just yet, which is why they are asking permission to file an ‘interlocutory’ appeal.”
Crypto lawyer Bill Morgan urged Ripple to strike the SEC hard and remind the Court that the regulator formulated the different categories of sales that Judge Torres ruled on.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.