Ripple pushes back on the The efforts of the US Securities and Exchange Commission (SEC) to obtain certification for an immediate appeal against the recent landmark lawsuit against the regulator.
Last month, Reuters reported that the SEC sought Judge Analisa Torres’ approval to allow an appeals court to review its ruling that Ripple’s automated, open-market sales of XRP are not securities.
Lawyers from the San Francisco-based payments company are arguing in a new lawsuit participation the exceptional requirements necessary to justify the approval of the regulator’s certification request for summary judgment are not in place.
“First, the Court’s summary judgment does not present a controlling point of law suitable for summary judgment. Second, the presumed substantial reason for disagreement is merely the SEC’s dissatisfaction with the Court’s application of Howey to most [the] Defendants’ Transactions in XRP. And third, the SEC admits that lengthy litigation is necessary whether or not the requested preliminary appeal succeeds — which means certification has no chance of expediting the end of this lawsuit.”
Ripple CEO Brad Garlinghouse previously said the SEC has lost everything that matters following the July court ruling that contradicts the agency’s claim that virtually all crypto assets count as securities.
In an effort to avoid the potential reversal of the landmark ruling, Ripple is asking the court not to grant the SEC’s request.
“The Court should deny the SEC’s request for certification. The Court should also deny the SEC’s request for a stay pending appeal for the reasons stated in the individual defendants’ separately filed opposition.”
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