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SEC Vs. Ripple: Commission Urges Court To Grant Appeal Request In Latest Filing

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The United States Securities and Exchange Commission has submitted a new filing pushing for the approval of its request to appeal the court’s judgment in the lawsuit against Ripple Labs. This comes exactly a week after the payment technology platform argued that the court should not certify the commission’s interlocutory appeal.

On September 1, Ripple asked the court to deny the SEC’s request to appeal the court’s ruling, as the summary judgment “does not present a controlling question of law suitable for interlocutory appeal.” The financial technology company also stated that the commission’s appeal request lacked the “exceptional circumstances required for interlocutory appeal.”

Ripple Trying To Delay Resolution To Continue Selling XRP, SEC Fires Shots

In a new filing submitted on Friday, September 8, the SEC urged the US District Court for the Southern District of New York to certify its motion for interlocutory appeal and “stay further proceedings until the resolution of that appeal.”

A part of the court document read:

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.

The SEC asserted that, like the court, it has an institutional interest in the efficient resolution of this case. At the same time, the agency accused Ripple of trying to prolong the litigation so it may continue to freely sell XRP into public markets.

In the latest filing, the regulatory body argued that the verdicts on XRP programmatic sales, as well as other distributions, raise “legal questions” that are substantial enough for the certification of an interlocutory appeal.

The SEC also mentioned that there are substantial grounds for difference of opinion, citing the Terraform case where the judge re

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Author: Opeyemi Sule

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