The US Securities and Exchange Commission (SEC) received permission from the court on August 17 to file an appeal against Ripple in summary proceedings.
A filing shows Judge Analisa Torres reviewed both parties’ submissions and granted the SEC’s request to file a motion for leave to file an interim appeal.
The latest filing does not specify why Judge Torres chose to grant the SEC’s request for an interim appeal, nor does it represent Judge Torres’ final agreement or disagreement with the pending appeal of the SEC on its own.
The SEC must file its motion for appeal by August 18, while Ripple must file its opposition filings by September 1. The SEC must file any response by Sept. 8.
SEC appeal focuses on Ripple’s victory
The SEC initially filed suit against Ripple in December 2020. Ripple won a partial victory in that case in July 2023 when courts ruled that XRP’s programmatic or exchange sales and certain other distributions were not securities.
Now the SEC plans to contest that result. The SEC put forward a basis for a preliminary injunction on August 9. There, it argued that there is a controlling disparity of law and room for substantial disagreement, as evidenced by an “intra-district split” – particularly due to differences in a separate SEC case against Terraform Labs.
Ripple attempted to block the SEC’s appeal on August 16, stating that the intended appeal deviated from the regulator’s previous focus of applying the Howey test. Ripple also claimed that the case could not be resolved simply by applying the law, which Ripple said was necessary for any profession of this type.
Attorneys for Ripple executives Brad Garlinghouse and Chris Larsen also filed opposition to the SEC’s request later that day.
The executives’ attorneys disagreed with the adjournment or adjournment of proceedings that will result from the SEC’s appeal, noting that a stay would cause the two individuals to wait longer for their trial. Both executives are currently awaiting their own request for a jury trial.
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