Last Updated on September 2, 2023 by Bitfinsider
In a fresh filing on Friday, Ripple Labs responded to the Securities and Exchange Commission’s request for an appeal in an ongoing dispute.
The SEC intends to appeal a portion of a landmark July decision on whether some of Ripple’s XRP sales violated securities laws.
“The exceptional circumstances required for interlocutory appeal are absent,” lawyers for Ripple said.
Last month, the SEC asked the United States District Court for the Southern District of New York to certify for interlocutory appeal. The SEC’s lawyers said that how the court handles the Ripple case might have a “substantial impact” on other existing lawsuits, such as that between the regulatory agency and leading cryptocurrency trading sites Binance and Coinbase.
At the time, the regulatory agency argued that an appeal was necessary “because they involve controlling questions of law on which there are substantial grounds for difference of opinion, and obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.”
Judge Analisa Torres found in July that part of Ripple’s XRP programmatic sales did not violate securities laws due to a blind bid mechanism in place. She also decided that additional direct sales of the token to institutional investors constituted securities, giving the SEC a partial victory.
The SEC intends to challenge the decision’s section on programmatic sales as well as “other distributions,” which include XRP offers and sales in return for goods and services.
If the SEC is allowed to appeal, Ripple would “seek to cross-appeal” the court’s order addressing institutional XRP sales.
“That cross-appeal, too, will require a review of the entire record, not just the parts the SEC wishes to highlight,” Ripple’s lawyers argued.
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