The legal chess match between SEC and Ripple Labs continues.
Ripple Labs recently confronted the US Securities and Exchange Commission's (SEC) appeal endeavors derived from a judicial decision made this summer.
The ongoing legal saga between Ripple Labs and the SEC experienced a significant development in mid-July when US District Court Judge Analisa Torres reached a partial decision.
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On July 13th, Torres determined that while the XRP token isn't inherently security, its sales can be deemed security offerings under specific conditions, notably when conducted to institutional entities. However, sales to general traders on crypto exchanges remain exempted from this classification.
In a crucial turn, the SEC announced plans to seek an interlocutory appeal on Torres's decision. An interlocutory appeal is a unique legal move wherein an ongoing case's specific judgment is appealed before the case concludes entirely.
In a subsequent communication to Torres on August 16th, Ripple outlined their stance against the SEC's intentions. They asserted that the SEC's desire to appeal doesn't raise any new legal challenges. The lawyers argued that disagreement with a court's ruling doesn't give a right to appeal.
Furthermore, the legal team behind Ripple expressed their belief that the SEC should ideally wait for a complete verdict before pursuing an appeal. This approach, they argue, ensures a comprehensive record is present for review.
Stuart Alderoty, the chief legal advisor at Ripple, emphasized that the case lacks any unique circumstances that would necessitate an exception from the established legal process.
There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.
Ripple Labs' challenge against the SEC's appeal motion brings forth substantial legal arguments that could shape the ongoing dispute's future course. As cryptocurrency enthusiasts watch keenly, the unfolding drama is expected to offer precedents and clarity in the realm of crypto regulations.
