Ripple said “No” to the SEC’s request to challenge a judge’s decision from July in their legal battle with the crypto company.
Ripple, the cryptocurrency company, said that the SEC hasn’t given a strong enough reason for the appeals court to get involved in their ongoing legal fight. They made this argument in a new document they filed on Friday.
The SEC wants the permission of a federal judge, Judge Analisa Torres in New York, to challenge her decision that said Ripple’s way of selling XRP doesn’t break securities laws. If the judge agrees, the SEC must convince the Second Circuit Court of Appeals to hear the case. In a document filed on Friday, Ripple argued that there are no big legal questions to settle, and doing an appeal won’t make the whole case finish faster.
Ripple just filed its opposition to the SEC’s request for an interlocutory (interim) appeal. Worth a read IMO, especially the footnotes 😁. Fn. 5 is one of my personal favorites. https://t.co/E6ZSbShPwy
— Stuart Alderoty (@s_alderoty) September 1, 2023
In the filing made by Ripple on Friday, they mentioned that the ruling in July didn’t raise any important legal questions that need to be settled. They also said that the SEC’s request for an appeal doesn’t meet the criteria because the SEC hasn’t shown that other judges might disagree with the previous ruling or that having an appeal would speed up the court case. These are things the judge needs to consider before allowing an appeal, as per the filing.
In July, Judge Torres ruled that Ripple broke federal securities laws when selling XRP to big investors but didn’t do the same when it came to regular people who bought XRP on exchanges.
However, in a different case involving Terraform Labs in the same court, another judge named Judge Jed Rakoff disagreed with Judge Torres’s decision. The SEC mentioned this when they filed their appeal on August 18.
In Friday’s filing, Ripple argued that the two cases were different because the facts were not the same. They said, “This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales. Terraform, on the other hand, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – ‘rates of returns of 19-20% on the coin owners’ initial investment.'”
The SEC has until September 8 to respond to this latest filing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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