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Ripple Labs expressed its opposition to the temporary appeal filed by the US Securities and Exchange Commission (SEC) regarding the summary judgment given by Judge Analisa Torres of the US District Court on July 13. Ripple’s lawyers argue that the SEC’s appeal will not change anything, providing the necessary justifications.
Final Decision Should Have Priority in the Case
In a letter sent to Judge Torres on August 16, Ripple’s lawyers stated that there is a legal problem because the Securities and Exchange Commission failed to meet the elements of the Howey test regarding Ripple’s distribution. They argued that the court should reject the SEC’s appeal request for this reason.
Temporary appeal arises when a decision given by a court is appealed and is allowed only under certain conditions while other aspects of the case are ongoing. Ripple’s lawyers believe that it would be more appropriate for the SEC to appeal the court’s decision after a complete record of the final decision.
No Extraordinary Circumstances
Stuart Alderoty, Ripple’s Chief Legal Officer, stated that there is no “extraordinary circumstance” that would justify deviating from the normal legal procedure:
“Here, there is no extraordinary circumstance to justify deviating from the rule that requires resolution of all issues concerning all parties before an appeal.”
On July 13, Ripple achieved a partial victory against the SEC regarding the security status of XRP. Judge Torres ruled that XRP token is not a security on its own. However, she stated that XRP token could be considered a security in certain circumstances, such as when sold to institutional investors, but not when sold to retail traders on exchanges.
