Ripple files motion to block SEC appeal attempt

cyptouser9 months agoDerivatives Exchanges270

Ripple files motion to block SEC appeal attempt

Ripple has filed a motion requesting the court to deny the SEC’s certification request for an immediate appeal of a recent court ruling that went against the regulator in its case against the firm.

The court ruled in July that automated open market sales of Ripple’s cryptocurrency XRP to the general public did not constitute securities sales because it failed to meet all four prongs of the Howey Test — the standard used to judge whether an asset should be classified as a security.

Ripple’s legal team argued in the filing that the court should reject the SEC’s certification request as it does not meet the exceptional requirements needed to secure approval for an interlocutory appeal.

For the appeal request to be approved, the SEC has to prove that a different judge would disagree with the ruling and, or, the appeal would expedite the case so a conclusion can be reached sooner. However, the lawyers claim the SEC has not proven that different judges could disagree with the ruling.

Additionally, the legal team further argued that the SEC has “conceded” that the case needs “protracted litigation” regardless of the outcome of its appeal and granting the certification request would not speed up the case.

The lawyers wrote in the filing:

“First, the Court’s summary judgment order does not present a controlling question of law suitable for interlocutory appeal. Second, the supposed substantial ground for disagreement is merely the SEC’s dissatisfaction with the Court’s application of the Howey test to most of the Defendants’ transactions in XRP.”

Ripple and the SEC have been embroiled in a legal battle for a number of years now, with the July ruling driving expectations of a favorable outcome for Ripple and much-needed regulatory clarity for the crypto industry.

The case is now expected to go on full jury trial in the second quarter of 2024.

The final court decision in Ripple’s case will impact the entire crypto space as it will set a precedent for what can and cannot be considered a security under current U.S. laws.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Navigating the significance of legal opinions in the crypto sphere

The need for legal clarity has become paramount in the ever-evolving landscape of cryptocurrency, wh...

Coinbase distances itself from CEO Brian Armstrong’s comments on SEC investigation

Coinbase distances itself from CEO Brian Armstrong’s comments on SEC investigation

Coinbase has publicly distanced itself from statements made by CEO, Brian Armstrong, which...

SEC, DOJ file charges against creator of little-known Blazar Token

SEC, DOJ file charges against creator of little-known Blazar Token

The U.S. Securities and Exchange Commission (SEC) filed charges against John DeSalvo, the creator of...

Russian central bank to launch digital ruble pilot Aug. 15

Russia’s central bank announced on Aug. 9 that it will initiate testing its digital ruble...

Federal Reserve creates ‘Novel Activities Supervision Program’ to oversee new financial technologies

The Federal Reserve Board announced on Aug. 8 the creation of the Novel Activities Supervi...

Ex-SEC chair Jay Clayton says approval for a spot Bitcoin ETF is ‘inevitable’

Former SEC chair Jay Clayton suggested that U.S. securities regulators will likely approve...