Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

Ripple is resisting the U.S. Securities and Exchange Commission’s (SEC) attempts to obtain an endorsement for an instant appeal regarding the recent groundbreaking lawsuit decision that was ruled against the regulatory body.

In the previous month, Reuters disclosed that the SEC requested Judge Analisa Torres to grant permission for an appellate court to examine her decision stating that Ripple's automated, open-market transactions of XRP are not considered as securities.

In a recent legal document, attorneys representing the payments company located in San Francisco argue that the extraordinary conditions necessary for the regulator to grant their request for an appeal are not met.

To begin with, the Court's order to summarize the judgment does not propose a decisive legal question that is appropriate for an intermediate appeal. Additionally, the alleged significant point of contention is simply the SEC's unhappiness with how the Court has applied the Howey test to the majority of the transactions involving XRP by the Defendants. Lastly, the SEC acknowledges that lengthy legal proceedings are inevitable regardless of whether their request for an intermediate appeal is granted, which implies that certification will not expedite the conclusion of this litigation.

Ripple's chief executive officer, Brad Garlinghouse, has previously stated that the Securities and Exchange Commission (SEC) failed on crucial aspects after the court's decision in July. This ruling contradicted the agency's assertion that almost all cryptocurrencies should be classified as securities.

In an effort to avoid the possible undoing of the significant verdict, Ripple pleads with the court to deny the SEC's appeal.

The Court must reject the SEC's application for certification. Moreover, the Court should decline the SEC's plea for a postponement during the appeal process. These decisions are justified by the grounds outlined in the Individual Defendants' opposing submission which was filed separately.

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