Ripple Objects to SEC’s Appeal of Historic XRP Decision and Files a Motion to Dismiss
In response to the U.S. Securities and Exchange Commission’s (SEC) attempts to have the recent historic litigation verdict against the agency appealed immediately, Ripple is taking a stand.
Reuters reported last month that the SEC has asked Judge Analisa Torres for permission to appeal her decision that XRP sales made via Ripple’s automated open market platform do not constitute securities.
In a recent court filing, attorneys for the San Francisco-based payments business argue that the regulator’s certification request for an interlocutory appeal lacks the unusual circumstances necessary to support approval.
There is no substantial issue of law that warrants an immediate appeal of the Court’s summary judgment ruling. Certification has little prospect of speeding up the completion of this lawsuit since the SEC has admitted that lengthy litigation is required regardless of the outcome of its proposed interlocutory appeal.
Following the court’s verdict in July that refutes the SEC’s contention that practically all crypto assets constitute securities, Ripple CEO Brad Garlinghouse previously remarked that the SEC lost on everything that counts.
In an effort to keep the historic verdict in place, Ripple has asked the court to deny the SEC’s motion. The SEC’s application to certify should be denied by the court. The SEC’s motion for a stay pending review should likewise be denied by the Court for the reasons stated in the Individual Defendants’ separate objection.