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Ripple Pushes Back Against SEC’s Appeal Request With New Court Filing

Press Releases Crypto News Bitcoinist Ripple Pushes Back Against SEC’s Appeal Request With New Court Filing

In its latest court filing, the legal team representing Ripple Labs – the company behind the XRP token – argued that the United States Securities and Exchange Commission (SEC) doesn’t have the grounds to request an appeal.

This comes as the SEC looks to dispute Ripple’s partial victory after Judge Annalisa Torres ruled – in July – that XRP doesn’t classify as a security when sold to retail investors.

In its interlocutory appeal, the commission stated that an appeal was merited “because they involved controlling questions of law as to which there are substantial grounds for difference of opinion.”

Ripple Calls For Denial Of SEC’s Request To Appeal Or Stay

On Friday, September 1, Ripple’s lawyers stated in a new filing to the US District Court for the Southern District of New York that the Securities and Exchange Commission’s appeal request is merely based on “dissatisfaction” with the court’s decision.

The court filing read:

The supposed substantial ground for disagreement is merely the SEC’s dissatisfaction with the Court’s application of Howey to most of Defendants’ transactions in XRP.

In its appeal request, the SEC claims it is pursuing what is simply a “legal question” applicable to every digital asset case. However, Ripple’s legal team believes that the court’s summary judgment does not present “a controlling question of law suitable for interlocutory appeal”.

Furthermore, Ripple said that the commission has not tried to meet the standard for a stay, even after the Individual Defendants (CEO Brad Garlinghouse and co-founder Chris Larsen) pointed it out in their pre-motion letter.

Ultimately, the defendants’ attorneys asserted that “exceptional circumstances required for interlocutory appeal” were nonexistent in the request. For this reason, they urged the judge to deny any request for an appeal or stay.