The United States Securities and Exchange Commission has submitted a filing urging the court to grant its motion to appeal a ruling from the Ripple Labs lawsuit that deemed the XRP (XRP) token to not be a security when sold to retail investors.

The agency argued that “knotty legal problems” surrounding the court’s application of the law — specifically the Howey test — warrant a review.

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.https://t.co/KE1MzYKbVD

— James K. Filan (@FilanLaw) September 8, 2023

As per a Sept. 8 filing, the SEC called for the U.S. District Court for the Southern District of New York to grant its motion for interlocutory appeal and “stay further proceedings until the resolution of that appeal.”

“The SEC respectfully requests certification for appellate review now because the issues raised by the Court’s order on summary judgment (D.E. 874) (‘Order’) present precisely the kinds of ‘knotty legal problems’ that led Congress to provide for interlocutory review.”

Judge Analisa Torres ruled in July that XRP is generally Go to Source to See Full Article
Author: Brian Quarmby

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