News - More details surrounding Ripple vs. SEC case: Ripple comes out with response

By Ted Maas

More details surrounding Ripple vs. SEC case: Ripple comes out with response

Ripple (XRP)
Laws and regulations

The judge has approved the SEC's plea to submit a motion for appeal in the Ripple case. The SEC has been granted time until August 18 to formally lodge its motion, while the defendants have until September 1 to provide their response.

Judge Analisa Torres has given the green light to a request made by the United States Securities and Exchange Commission (SEC) to file a motion seeking permission for an interlocutory appeal in the ongoing case against Ripple Labs. On August 9, the securities regulatory body sent a letter to Judge Torres, expressing that her decision could potentially impact several pending court cases.

As per the regulations of U.S. law, an interlocutory appeal is invoked when a decision made by a trial court is contested even as other elements of the case remain in progress. This ruling enables the SEC to submit a motion by August 18, formally seeking approval to take the case to the U.S. Court of Appeals for the Second Circuit. In response, Ripple will also be entitled to present its counterarguments.

This decision has emerged just a few hours subsequent to Ripple Labs expressing its opposition to the possibility of an appeal in the case. Ripple's legal representatives have presented three primary counterpoints in response to the SEC's request.

Their initial contention is that an appeal necessitates a clear-cut legal question, and they assert that the SEC's entreaty does not introduce any new legal matters that warrant reconsideration. Furthermore, they maintain that the SEC's assertion of a flawed court verdict pertaining to the matter lacks substantiation, and an immediate appeal will not expedite the progress of the termination litigation proceedings.

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