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

The U.S. Securities and Exchange Commission (SEC) has sent a missive to District Judge Analisa Torres seeking support to record an interlocutory appeal successful the SEC v. Ripple lawsuit implicit XRP. In addition, the securities regulator’s question volition “seek to enactment the territory tribunal proceedings.”

SEC Seeks to Appeal Ruling successful Ripple-XRP Case

The U.S. Securities and Exchange Commission (SEC) sent a letter to District Judge Analisa Torres connected Wednesday seeking support to record an interlocutory entreaty to her judgment successful the SEC v. Ripple lawsuit implicit XRP. An entreaty is described arsenic interlocutory erstwhile it is made earlier each claims are resolved to each parties. The missive states:

Specifically, the SEC seeks to certify the court’s holding that Defendants’ ‘Programmatic’ offers and income to XRP buyers implicit crypto plus trading platforms and Ripple’s ‘Other Distributions’ successful speech for labour and services did not impact the connection oregon merchantability of securities nether SEC v. W.J. Howey Co., 328 U.S. 293 (1946).

“Interlocutory reappraisal is warranted here. These 2 issues impact controlling questions of instrumentality connected which determination is important crushed for differences of opinion, arsenic reflected by an intra-district divided that has already developed,” the securities regulator claimed.

The SEC further stated that “the question volition besides question to enactment the territory tribunal proceedings,” noting that “a enactment of the proceedings successful this tribunal is warranted.”

Crypto Law explained connected Twitter what the SEC’s enactment petition means: “They are requesting a enactment of each different proceedings successful Torres’ tribunal connected the case, meaning remedies process and the proceedings would pause. Just due to the fact that they petition a enactment doesn’t mean they’ll get it. They mightiness get a impermanent enactment portion their petition for the interlocutory entreaty is decided on, but that would not beryllium a agelong one. In immoderate case, if they hadn’t asked for a enactment past their arguments for urgency successful requesting the interlocutory entreaty would look beauteous weak. In lawsuit you’re wondering, a enactment has nary effect connected Torres’ ruling.”

Ripple Labs has 1 week to respond to the SEC letter. Stuart Alderoty, Ripple’s main ineligible officer, tweeted Wednesday: “The SEC does not person the ‘right’ to entreaty conscionable yet which is wherefore they are asking support to record an ‘interlocutory’ appeal. Ripple volition record its effect with the tribunal adjacent week. Stay tuned.”

Do you deliberation the SEC volition successfully entreaty Judge Analisa Torres’ Ripple-XRP ruling? Let america cognize successful the comments conception below.