The United States Securities and Exchange Commission is moving to appeal a July court decision from its lawsuit against Ripple Labs, which had ruled the sale of XRP (XRP) is not a security when sold to retail investors.
In an Aug. 9 letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court.
It asked Judge Torres to put the case on hold during the appeal saying there are multiple other pending court cases that could be affected depending on the appeal’s outcome. The SEC is currently in a legal battle with a number of crypto firms including Binance and Coinbase over alleged securities violations.
“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed,” the SEC wrote.
The SEC added it seeks to certify the court’s decision that Ripple’s programmatic XRP offers and sales on crypto exchanges and individual sales were not securities.
AND… the SEC continues making questionable decisions, requesting an interlocutory appeal.
Note that it is NOT appealing whether XRP itself is a security – just its losses on the programmatic and individual sales issues. https://t.co/GziVLp23mT
— Jeremy Hogan (@attorneyjeremy1) August 9, 2023
The SEC also highlighted
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Author: Brayden Lindrea
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