{"id":180163,"date":"2023-08-16T23:39:06","date_gmt":"2023-08-16T23:39:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180163"},"modified":"2023-08-16T23:39:06","modified_gmt":"2023-08-16T23:39:06","slug":"ripple-labs-bites-back-against-secs-request-to-file-appeal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ripple-labs-bites-back-against-secs-request-to-file-appeal\/","title":{"rendered":"Ripple Labs bites back against SEC&#x27;s request to file appeal"},"content":{"rendered":"<p>Ripple Labs has voiced its opposition towards the United States securities regulator\u2019s move towards filing\u00a0an interlocutory appeal relating to the summary judgment laid down by U.S. District Court Judge Analisa Torres on Jul. 13.<\/p>\n<p>In an Aug. 16 letter to Torres of the Southern District of New York, Ripple\u2019s lawyers explained that because the Securities and Exchange Commission failed to satisfy elements of the Howey test relating to Ripple\u2019s distribution of XRP \u2014 a \u201clegal question\u201d \u2014 the Court should reject the SEC\u2019s motion for leave to file an interlocutory appeal.<\/p>\n<p>An interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding and are only allowed under specific circumstances. <\/p>\n<p>Ripple\u2019s lawyers believe it is more appropriate for the SEC to appeal the Court\u2019s ruling after a final judgement with a full record. <\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/6345089c-dbe0-4623-be03-db6d0275911f.png\"><\/p>\n<p>Stuart Alderoty, Ripple\u2019s chief legal officer, explained that no \u201cextraordinary circumstance\u201d exists in the matter that warrants the Court to depart from normal legal procedure:<\/p>\n<p>\u201cThere is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC v. Ripple: Judge greenlights investment banker declarant\u2019s entry <\/em><\/strong><\/p>\n<p>On Jul. 13, Ripple scored a partial victory over the securities regulator regarding the securities status of XRP.<\/p>\n<p>Torres ruled that the XRP token was not in itself a security. She said, however, that sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/ripple-labs-oppose-sec-request-file-appeal\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple Labs has voiced its opposition towards<\/p>\n","protected":false},"author":3,"featured_media":180162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple Labs bites back against SEC&#x27;s request to file appeal - 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