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 appealed 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 final judgement with a full record.
Ripple’s lawyers put forth three main arguments in its opposition against the SEC’s request. They first argued that an appeal requires a pure question of law and that the SEC’s request raises no new legal issues that need to be reviewed.
Secondly, the lawyers claim the SEC’s argument that the court ruled incorrectly on the matter is not sufficient, as the SEC must show that two courts are in clear conflict with each other over the subject issues, which isn’t the case here.
Thirdly, Ripple’s lawyers argued that an immediate appeal will not advance the termination litigation proceedings.
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Author: Brayden Lindrea
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