SEC Pushes Back Against Ripple Labs' Attempt to Block Appeal in Legal Battle
SEC opposes Ripple Labs' attempt to block its appeal of a judge's ruling in the legal fight over XRP sales. The regulator argues that the ruling raises significant legal issues deserving appellate review.
Posted 10 months ago in Blockchain
The Securities and Exchange Commission (SEC) has filed a court document opposing Ripple Labs' bid to prevent the regulator from appealing a judge's ruling that mostly favored the cryptocurrency company in their ongoing legal dispute.
The SEC argues in the filing that the judge's summary judgment order raised complex legal issues that warrant review by an appellate court. It seeks to challenge the judge's findings that Ripple's sales of the digital token XRP were not securities offerings requiring registration with the SEC.
The regulator insists that appeal under Section 1292(b) is available because it involves applying the law to undisputed facts in the record. Moreover, it contends that an interlocutory appeal doesn't have to conclude the case entirely but can efficiently hasten its conclusion.
Ripple, on the other hand, contends that the issues the SEC wants to appeal are fact-bound and unsuitable for provisional review. The company argues that an immediate appeal would not expedite the resolution of the case.
In December 2020, the SEC sued Ripple, alleging that the company raised over $1.3 billion by illegally selling XRP as an unregistered security. The legal battle has now reached a critical juncture as both sides sought summary judgment after the completion of the discovery phase.
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Last updated 9/11/2023, 12:22:55 AM
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