The U.S. Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal of two rulings in the Ripple case regarding XRP. According to the securities regulator, “Immediate appeal of these rulings is warranted … because they involve controlling questions of law.”
SEC v Ripple Case Update
On Friday, the U.S. Securities and Exchange Commission (SEC) filed a motion for the court to certify an interlocutory appeal of two Ripple rulings regarding XRP. The court document states:
The SEC respectfully requests that this court certify for interlocutory appeal two holdings in its July 13, 2023 order on summary judgment.
The first holding concerns the ruling that Ripple’s “‘programmatic’ offers and sales of XRP over crypto asset trading platforms could not lead investors to reasonably expect profits from the efforts of others,” the SEC detailed.
The second holding is “the ruling that Ripple’s ‘other distributions’ of XRP as a ‘form of payment for services’ was legally insufficient to constitute an ‘investment of money,’” the securities watchdog added.
The SEC claimed:
Immediate appeal of these rulings is warranted … because they involve controlling questions of law as to which there are substantial grounds for difference of opinion, and obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.
According to the court’s order dated Aug. 17, Ripples has until Sept. 1 to file its response. The SEC must then file its reply, if any, by Sept. 8.
Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen have opposed the SEC’s request for an interlocutory appeal. Ripple’s chief legal officer, Stuart Alderoty, tweeted last week: “There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.”
Do you think the SEC will successfully appeal the Ripple rulings regarding XRP? Let us know in the comments section below.