Ripple Labs bites back against SEC's request to file appeal
Ripple’s chief legal officer said no “extraordinary circumstance” in the case exists which warrants the Court to accept the SEC’s request for leave. Ripple Labs has voiced its opposition towards the United States securities regulator’s move towards filing an interlocutory appeal relating to the summary judgment laid down by U.S. District Court Judge Analisa Torres on Jul. 13. In an Aug. 16 letter to Torres of the Southern District of New York, Ripple’s lawyers explained that because the Securities and Exchange Commission failed to satisfy elements of the Howey test relating to Ripple’s distribution of XRP — a “legal question” — the Court should reject the SEC’s motion for leave to file an interlocutory appeal. An interlocutory appeal occurs when a ruling by a trial court is appeal ed while other aspects of the case are still proceeding and are only allowed under specific circumstances. Ripple’s lawyers believe it is more appropriate for the SEC to appeal the Court’s ruling after a f...