The SEC Responds to Ripple’s Request for an Interlocutory Appeal

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Last Updated on September 10, 2023 by Bitfinsider

The Securities and Exchange Commission reacted angrily to Ripple’s claim that a New York court should not allow the agency to appeal a portion of a high-profile decision.

Last month, the agency asked the United States District Court for the Southern District of New York to certify for interlocutory appeal. On Friday, the SEC contended that the interlocutory appeal would result in only one trial and would not extend the process.

“The SEC, like the Court, has an institutional interest in the most efficient ultimate resolution of this litigation,” according to the agency. “Defendants’ interest, on the other hand, is to postpone a final resolution so that they can continue freely selling XRP into public markets without the disclosures that come with registration, to the tune of more than $3 billion net ODL sales since 2020 alone.”

In July, New York District Court Judge Analisa Torres concluded 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.

According to Ripple, the court should refuse the SEC’s request for an appeal since the summary judgement “does not present a controlling question of law suitable for interlocutory appeal.” It contended that if the SEC is allowed to appeal, the regulator will be able to “seek to cross-appeal” the court’s ruling 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 stated last week.

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