SEC Files Motion to Certify Interlocutory Appeal of Ripple-XRP Ruling – The SEC has submitted a request to the court to certify an interlocutory appeal for two rulings in the Ripple case involving XRP, stating that an immediate appeal is necessary due to the significant legal questions at hand. The court document states: “The SEC respectfully requests that this court certify for interlocutory appeal two holdings in its July 13, 2023 order on summary judgment.”
The first holding concerns the ruling that Ripple’s “programmatic offers and sales of XRP over crypto asset trading platforms could not lead investors to reasonably expect profits from the efforts of others,” the SEC detailed. The second holding is “the ruling that Ripple’s ‘other distributions’ of XRP as a ‘form of payment for services’ was legally insufficient to constitute an ‘investment of money,'” the securities watchdog added.
The SEC claimed: “Immediate appeal of these rulings is warranted because they involve controlling questions of law as to which there are substantial grounds for difference of opinion, and obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.” As per the court’s directive issued on August 17th, Ripple is required to submit its response by September 1st.
The SEC also needs to file any reply by September 8th. Ripple Labs, along with CEO Brad Garlinghouse and co-founder Chris Larsen, have contested the SEC’s plea for an interlocutory appeal. Ripple’s chief legal officer, Stuart Alderoty, tweeted last week: “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.”
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