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Ripple Labs retaliates against SEC's appeal filing request

Ripple Labs retaliates against SEC’s appeal filing request

Ripple Labs has opposed the US Securities and Exchange Commission’s (SEC) move to file an interlocutory appeal in relation to a summary judgment issued by a US District Court Judge. In a letter to the judge, Ripple’s lawyers argued that the SEC failed to satisfy elements of the Howey test in relation to Ripple’s distribution of XRP. They stated that the court should reject the SEC’s motion for leave to file an interlocutory appeal and that it would be more appropriate for the SEC to appeal after a final judgment. Ripple’s lawyers put forth three main arguments against the SEC’s request, including that there are no new legal issues to be reviewed and that an immediate appeal would not advance the litigation proceedings. Ripple’s chief legal officer, Stuart Alderoty, stated that there are no extraordinary circumstances that would justify departing from normal legal procedure.

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