The U.S. Securities and Exchange Commission (SEC) has taken further action in the Ripple-XRP case by filing a motion to certify an interlocutory appeal. The appeal is in relation to two rulings made by the court regarding XRP. According to the SEC, these rulings involve crucial legal questions that warrant immediate appeal. The first ruling pertains to Ripple’s programmatic offers and sales of XRP, while the second ruling concerns other distributions of XRP as a form of payment. Ripple, along with its CEO and co-founder, have opposed the SEC’s request for an interlocutory appeal. The court has set a deadline for responses from both parties, and the outcome of the appeal will be eagerly awaited by industry stakeholders.
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SEC Files Motion to Certify Interlocutory Appeal in Ripple-XRP Case
The U.S. Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal of two rulings in the Ripple case regarding XRP. The SEC believes that immediate appeal of these rulings is warranted because they involve controlling questions of law.
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SEC v Ripple Case Update
On Friday, the SEC filed a motion for the court to certify an interlocutory appeal of two Ripple rulings regarding XRP. 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 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 SEC believes that these rulings involve controlling questions of law and that there are substantial grounds for a difference of opinion. They argue that obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.
According to the court’s order, Ripple has until September 1 to file its response to the SEC’s motion. The SEC must then file its reply, if any, by September 8.
SEC’s Motion to Certify Interlocutory Appeal
The SEC’s motion requests the certification of two holdings in the July 13 order for interlocutory appeal. The first holding pertains to programmatic offers and sales of XRP, and the second holding pertains to other distributions of XRP as a form of payment.
The SEC argues that immediate appeal is warranted because these holdings involve controlling questions of law. They believe that there are substantial grounds for a difference of opinion on these issues, and that obtaining an appellate ruling now may advance the termination of the litigation.
Ripple’s Response to the SEC’s Request
Ripple has until September 1 to respond to the SEC’s motion for an interlocutory appeal. It is expected that Ripple will present arguments against the appeal and challenge the SEC’s claims. The response from Ripple could have potential implications for the case and its future proceedings.
Timeline and Deadlines
The deadline for Ripple to respond to the SEC’s motion is September 1. Following Ripple’s response, the SEC will have until September 8 to file a reply, if necessary. The timeline for these proceedings will play a significant role in shaping the future of the case.
Opposition from Ripple Labs, Brad Garlinghouse, and Chris Larsen
Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen have all opposed the SEC’s request for an interlocutory appeal. Ripple’s chief legal officer, Stuart Alderoty, publicly stated that there are no extraordinary circumstances justifying the departure from the rule requiring all issues as to all parties to be resolved before an appeal.
The opposition from Ripple’s key individuals and the company itself adds another layer of complexity to the case.
Potential Impact of an Appeal
The interlocutory appeal, if certified and accepted, could have significant implications for the Ripple-XRP case. Depending on the outcome of the appeal, the future of Ripple and its cryptocurrency XRP could be greatly affected. The appeal has the potential to shape regulatory and legal interpretations surrounding digital assets and their offerings.
The broader consequences of an appeal go beyond Ripple and XRP. The appeal could set important precedents and impact the entire cryptocurrency industry.
Public Opinion and Speculations
The request for an interlocutory appeal by the SEC has garnered attention from the crypto community. Many individuals and organizations have expressed their opinions and speculations on the potential outcomes and strategies of the SEC.
Speculations regarding the SEC’s motives and the market response to the appeal request have added to the ongoing discussions surrounding the Ripple-XRP case.
Conclusion
The SEC’s motion to certify an interlocutory appeal in the Ripple-XRP case signifies a significant development in the ongoing legal battle. The appeal, if granted, has the potential to shape the future of Ripple, XRP, and the broader cryptocurrency industry. The responses from Ripple and the subsequent timeline of the case will shed more light on the potential outcomes and implications of the appeal.
References:
- SEC Files Motion to Certify Interlocutory Appeal of Ripple-XRP Ruling
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