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U.S. District Judge Analisa Torres has given a green light to the U.S. Securities and Exchange Commission (SEC) for their request to launch an intermediate appeal in the lawsuit against Ripple concerning XRP. The judge’s consent was provided a day after Ripple Labs presented its opposition to the SEC’s appeal request.
Judge Torres Endorses SEC’s Appeal Request in Ripple-XRP Case
Despite Ripple’s disagreement with the regulatory agency’s request, District Judge Analisa Torres has sanctioned the U.S. Securities and Exchange Commission’s desire to initiate an intermediate appeal in the legal battle against Ripple regarding XRP.
In her court order dated Aug. 17, Judge Torres disclosed that she had examined letters from both the SEC and the defendants, and she confirmed:
The permission for the SEC to put forth a motion seeking leave to file an intermediate appeal is hereby granted.
Additionally, she commanded the SEC to submit its motion by Aug. 18, and directed the defendants (Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen) to present their opposing documents by Sept. 1. The SEC has until Sept. 8 to file its response, if needed.
On Aug. 9, the securities overseer asked Judge Torres for authorization to file an intermediate appeal concerning certain aspects of her judgment in the Ripple lawsuit over XRP. The SEC has also asked for a suspension of the district court’s proceedings.
On Aug. 16, the opposition to the SEC’s request was filed by Ripple Labs, Garlinghouse, and Larsen. Stuart Alderoty, Ripple’s chief legal officer, expressed via Twitter: “We are against the SEC’s appeal request. There’s no exceptional situation here that calls for deviating from the usual rule of settling all matters regarding all parties prior to an appeal.”
Attorney James K. Filan shed light on what Judge Torres has sanctioned on Twitter, stating: “The court has established a timeline for the SEC’s appeal motion request. This doesn’t mean that the intermediate appeal is permitted. It simply signifies that the SEC can ask for it.”
The SEC’s appeal doesn’t aim to challenge XRP’s status as a security; rather, it targets the court’s ruling on programmatic offers and sales of XRP on digital currency exchanges and Ripple’s “other distributions.” Ripple CEO Brad Garlinghouse emphasized:
It’s important to remember that the appeal request (even if accepted) doesn’t alter the reality that XRP isn’t a security. This point is not subject to discussion or trial.
What are your thoughts on the possibility of the SEC successfully appealing the court’s judgment in the Ripple case involving XRP? Share your opinions in the comments section below.
Frequently Asked Questions (FAQs) about intermediate appeal
What was the decision made by U.S. District Judge Analisa Torres regarding the SEC’s request in the Ripple-XRP case?
U.S. District Judge Analisa Torres granted approval to the U.S. Securities and Exchange Commission (SEC) to pursue an intermediate appeal in the legal case involving Ripple and XRP, despite opposition from Ripple Labs.
What did Ripple Labs object to in this situation?
Ripple Labs objected to the SEC’s request to file an intermediate appeal, arguing that there were no extraordinary circumstances warranting a departure from the standard rule that all issues among all parties should be resolved before an appeal.
What did Judge Torres specify in her court order?
In her court order dated August 17, Judge Torres granted the SEC permission to file a motion seeking leave to file an intermediate appeal. She also outlined the timeline for submissions from both the SEC and the defendants.
What is the focus of the SEC’s appeal?
The SEC’s appeal is not about contesting XRP’s classification as a security. Instead, it targets specific aspects of the court’s ruling related to programmatic offers and sales of XRP on cryptocurrency exchanges and Ripple’s other distributions.
How did Ripple’s CEO, Brad Garlinghouse, emphasize the ongoing nature of XRP’s classification?
Brad Garlinghouse emphasized that the request for appeal, even if accepted, does not alter the fact that XRP is not considered a security. He stated that this classification is not up for debate or trial.
What are the next steps in the legal proceedings?
The SEC is required to file its motion by August 18, and the defendants (Ripple Labs, Brad Garlinghouse, and Chris Larsen) must submit their opposition papers by September 1. The SEC will then have the opportunity to file a reply, if necessary, by September 8.
What do legal experts clarify about Judge Torres’ approval?
Legal expert James K. Filan clarified that Judge Torres’ approval sets a briefing schedule for the SEC’s motion seeking leave to file an intermediate appeal. This does not indicate that the intermediate appeal itself has been authorized; it means that the SEC is allowed to request it.
What is the central focus keyword of this situation?
More about intermediate appeal
- SEC’s Request for Interlocutory Appeal
- Ripple Labs’ Opposition to SEC’s Appeal Request
- District Judge Analisa Torres’ Court Order
- Ripple’s CEO Brad Garlinghouse’s Statement
- Explanation of Judge Torres’ Approval
- Background on Ripple and XRP Case