SEC to seek interlocutory appeal in Ripple case

Brayden Lindrea1 hour agoSEC to seek interlocutory appeal in Ripple caseThe SEC"s interlocutory appeal comes nearly a month after Judge Analisa Torres laid out her non-final ruling.1702 Total views12 Total sharesListen to article 0:00Breaking newsJoin us on social networksThe United States Securities and Exchange Commission is moving to appeal a July court decision from its lawsuit against Ripple Labs, which had ruled the sale of XRP (XRP) is not a security when sold to retail investors.

In an Aug. 9 letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court.

It asked Judge Torres to put the case on hold during the appeal saying there are multiple other pending court cases that could be affected depending on the appeal"s outcome. The SEC is currently in a legal battle with a number of crypto firms including Binance and Coinbase over alleged securities violations. 

“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed," the SEC wrote.

The SEC added it seeks to certify the court"s decision that Ripple"s programmatic XRP offers and sales on crypto exchanges and individual sales were not securities.AND... the SEC continues making questionable decisions, requesting an interlocutory appeal.

Note that it is NOT appealing whether XRP itself is a security - just its losses on the programmatic and individual sales issues. https://t.co/GziVLp23mT— Jeremy Hogan (@attorneyjeremy1) August 9, 2023

The SEC also highlighted the judge"s decision in its suit against Terraform Labs who rejected Torres ruling, saying cryptocurrencies sold on exchanges could also be securities.

Related: CoinGecko now has an index for crypto tokens alleged as securities

The SEC"s letter comes nearly a month after Ripple scored a partial victory over the SEC in regard to the securities status of XRP.

Torres ruled thatthe XRP token was not, in itself a security. She however said sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.

Hall of Flame: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win

Additional reporting by Jesse Coghlan.# Altcoin# Law# Business# Ripple# SEC# RegulationAdd reactionAdd reactionRelated NewsHow to track and report crypto transactions for tax purposesWorldcoin: Should you let Sam Altman scan your eyeballs for WLD?Ensuring integrity of blockchain transactions: Trust through auditsBad news for Ripple? LBRY judge passes ruling on if secondary crypto sales are securitiesRipple case: SEC appeal unlikely as agency gains from ‘current confusion’ — Haun Ventures CEOUS law protects institutions and exposes retail investors — Rep. Torres