Ripple Takes a Stand Against SEC’s Interlocutory Appeal, Highlighting Insufficient Legal Basis
In Brief
Ripple has submitted its formal response to the SEC's proposed interlocutory appeal.
In a letter dated August 16, the legal team for Ripple asserted that the SEC's failure to satisfy the Howey test's stipulations regarding XRP's distribution renders the appeal unnecessary.
Raising concerns, Ripple Labs has opposed the SEC's pursuit of an interlocutory appeal in response to the recent summary judgment from Judge Analisa Torres.
In a letter In a letter dated August 16, Ripple's legal representation argued that the SEC's inability to demonstrate compliance with the Howey test regarding XRP distribution makes the request for appeal redundant. The company insists that it should be allowed to proceed with the appeal once a conclusive judgment is reached, backed by a comprehensive record.
In a communication directed to the Southern District of New York, Ripple, alongside its CEO Brad Garlinghouse and Co-founder/Executive Chairman Chris Larsen, voiced their opposition to the appeal, laying out three main arguments.
They point out that there are no new legal questions emerging from the appeal. Ripple's legal team additionally states that the SEC has failed to articulate a convincing justification for their opposing stance.
The company contends that allowing an immediate appeal would not expedite the existing lawsuit process. Stuart Alderoty, Ripple's Chief Legal Officer, emphasizes that no exceptional circumstances exist that would justify departing from established legal pathways.
The case stems from a partial victory Ripple secured In July, the court ruled that XRP itself was not classified as a security, although specific transactions involving XRP tokens might qualify as securities under certain conditions.
As of the time of this writing, the market price of XRP stood at around $0.59.
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