Ripple Labs opposes SEC’s appeal filing request
The chief legal officer for Ripple has said that there are no “extraordinary circumstances” that would allow the SEC to appeal its partial defeat while the case is still underway.
Ripple Labs has spoken out against the US Securities and Exchange Commission’s plans to file an interlocutory appeal of the July 13 summary judgement issued by U.S. District Court Judge Analisa Torres.
Ripple’s attorneys wrote to Judge Torres of the Southern District of New York on August 16 to argue that the SEC’s request for leave to file an interlocutory appeal should be denied because it raises a “legal question” because the SEC failed to satisfy elements of the Howey test relating to Ripple’s distribution.
An interlocutory appeal is filed when a party wishes to challenge a trial court’s decision while other parts of the case are still pending.
Ripple’s legal team maintains that the SEC should challenge the court’s decision only once a final judgement is issued and the whole record is available.
The legal team representing Ripple has three primary points of contention with the SEC’s request. In their first brief, they contended that the SEC’s request did not provide any novel legal concerns that would need an appeal.
Second, the attorneys argue that the SEC’s assertion that the court made the wrong decision is insufficient since the SEC has not shown that there is a clear contradiction between the decisions of two courts on the same subjects.
Ripple’s attorneys also stated that an immediate appeal would not help the termination case in any way, which is the third argument they made.
According to Stuart Alderoty, Ripple’s chief legal officer, there is no “extraordinary circumstance” that would require the court to deviate from the standard legal procedure:
There is “no extraordinary circumstance” to warrant an exception to the norm that “all issues as to all parties” must be addressed before an appeal may be filed.