jalewaads

SEC Seeks to Appeal Ripple-XRP Ruling — Requests Stay of Proceedings

The U.S. Securities and Exchange Commission (SEC) has sent a letter to District Judge Analisa Torres seeking permission to file an interlocutory appeal in the SEC v. Ripple case over XRP. In addition, the securities regulator’s motion will “seek to stay the district court proceedings.”

SEC Seeks to Appeal Ruling in Ripple-XRP Case

The U.S. Securities and Exchange Commission (SEC) sent a letter to District Judge Analisa Torres on Wednesday seeking permission to file an interlocutory appeal to her judgment in the SEC v. Ripple case over XRP. An appeal is described as interlocutory when it is made before all claims are resolved to all parties. The letter states:

Specifically, the SEC seeks to certify the court’s holding that Defendants’ ‘Programmatic’ offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s ‘Other Distributions’ in exchange for labor and services did not involve the offer or sale of securities under SEC v. W.J. Howey Co., 328 U.S. 293 (1946).

“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion, as reflected by an intra-district split that has already developed,” the securities regulator claimed.

The SEC further stated that “the motion will also seek to stay the district court proceedings,” noting that “a stay of the proceedings in this court is warranted.”

Crypto Law explained on Twitter what the SEC’s stay request means: “They are requesting a stay of all other proceedings in Torres’ court on the case, meaning remedies process and the trial would pause. Just because they request a stay doesn’t mean they’ll get it. They might get a temporary stay while their petition for the interlocutory appeal is decided on, but that would not be a long one. In any case, if they hadn’t asked for a stay then their arguments for urgency in requesting the interlocutory appeal would seem pretty weak. In case you’re wondering, a stay has no effect on Torres’ ruling.”

Ripple Labs has one week to respond to the SEC letter. Stuart Alderoty, Ripple’s chief legal officer, tweeted Wednesday: “The SEC does not have the ‘right’ to appeal just yet which is why they are asking permission to file an ‘interlocutory’ appeal. Ripple will file its response with the court next week. Stay tuned.”

Do you think the SEC will successfully appeal Judge Analisa Torres’ Ripple-XRP ruling? Let us know in the comments section below.

Post a Comment

Previous Post Next Post

mgid