In the last month, the United States Securities and Exchange Commission submitted an interlocutory appeal. The respective appeal confronted the ruling that Judge Torres gave to support Ripple Labs. The crypto firm Ripple has responded to it in a recent application.
Ripple Reacts to SEC’s Appeal Against it, Dismissing Its Validity
As per the court filing of the 1st of this month, the crypto exchange opposed the SEC’s appeal. It added that the securities regulator has no right to file an appeal. While justifying its stance, the platform mentioned that there is a requirement for some exceptional circumstances for such an appeal. On the other hand, it asserted that the required unique circumstances are not present.
Hence, Ripple thinks that the interlocutory appeal is baseless. On the other hand, the securities watchdog had formerly argued that there was a requirement for the appeal. It supported its stance by saying that the appeal deals with law-related controlling questions. In addition to this, the regulatory body also disclosed that the ruling that Judge Torres issued could be very harmful.
SEC Claims the Judge Torres’ Judgement Could Affect Its Lawsuits against Binance, Coinbase, and Terraform
It added that the ruling could influence the SEC’s lawsuit against Binance, Coinbase, and Terraform. Nonetheless, as per Ripple, the Summary judgment presents no controlling question concerning the law to justify the appeal. The platform disclosed that a clean question related to the law arises when the court can review it. Apart from that, another condition is that the court can make a quick decision without the need to see the record.
In the ongoing case, the appellate court needs to read the record before the decision as Judge Torres did. While attempting to prove that the SEC had not satisfied this aspect. According to Ripple, the SEC had expressed its intention to keep on dragging the lawsuit confronting the crypto exchange. Their appeal needs to be rejected as it would speed up the lawsuit.
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