Ripple Labs is opposing the recent attempt by the U.S. Securities and Exchange Commission (SEC) to file an interlocutory appeal that pertains to a summary judgment handed down by U.S. District Court Judge Analisa Torres on July 13.
In a recent letter to Judge Torres of the Southern District of New York, Ripple’s legal team articulated their reservations, arguing that the SEC’s inability to fulfill specific criteria of the Howey test, particularly concerning Ripple’s distribution activities, should see the court reject the SEC’s appeal motion.
For clarity, an interlocutory appeal is a legal recourse that seeks the review of a specific court ruling, even while the broader case is still under deliberation. Ripple’s legal counsel contends that the optimal route for the SEC would be to seek an appeal post the issuance of a final judgment, ideally supported by a comprehensive case record.
In the letter, Ripple’s legal counsel noted the appeal should hinge on clear legal issues to be reviewed, and noted that merely challenging the accuracy of the court’s decision isn’t sufficient as the regulator must show that two courts are in clear conflict with each other over the subject.
Moreover, Ripple’s lawyers argued that an immediate appeal wouldn’t advance the lawsuit’s conclusion. Ripple’s chief legal officer, Stuart Alderoty, emphasized there’s no “extraordinary circumstance” to move away from the usual legal process in this case.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/17/
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