Ripple is pushing back on the U.S. Securities and Exchange Commission’s (SEC) efforts to secure a certification for an immediate appeal on the recent landmark lawsuit ruling that went against the regulator.
Last month, Reuters reported that the SEC sought the approval of Judge Analisa Torres to allow an appeals court to review her ruling that Ripple’s automated, open-market sales of XRP are not securities.
In a new court filing, lawyers for the San Francisco-based payments company say the exceptional requirements needed to warrant the approval of the regulator’s certification request for an interlocutory appeal are not present.
“First, the Court’s summary judgment order does not present a controlling question of law suitable for interlocutory appeal. Second, the supposed substantial ground for disagreement is merely the SEC’s dissatisfaction with the Court’s application of Howey to most of [the] Defendants’ transactions in XRP. And, third, the SEC concedes that protracted litigation is necessary regardless of whether its requested interlocutory appeal succeeds – meaning certification has no chance of hastening the end of this litigation.”
Ripple CEO Brad Garlinghouse previously said that the SEC lost on everything that matters following the court’s July ruling that counters the agency’s claim that virtually all crypto assets count as securities.
In a bid to prevent the potential reversal of the groundbreaking ruling, Ripple asks the court not to grant the SEC’s request.
“The Court should deny the SEC’s motion for certification. The Court should also deny the SEC’s request for a stay pending appeal for the reasons identified in the Individual Defendants’ separately filed opposition.”
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