<\/p>\n
The US Securities and Exchange Commission is seeking to file an appeal in its legal battle against Ripple Labs, and now the distributed ledger tech firm has responded in court.\u00a0<\/p>\n
Lawyers for Ripple Labs wrote in a letter that the SEC only filed the interlocutory appeal request<\/a> last week as an \u201cabout face\u201d because of its strategy to regulate the digital asset sector by enforcement.\u00a0<\/p>\n \u201cHaving failed to meet its burden to present facts that would support stretching Howey to cover all of the Defendants\u2019 distributions of the digital asset XRP, the SEC now does an about-face and rushes to appeal what it claims\u2026is a purely \u2018legal question\u2019 affecting all other digital-asset cases,\u201d Ripple Labs<\/a> wrote to Judge Analisa Torres.<\/p>\n In its request for an interlocutory appeal, the SEC<\/a> claimed that the appeal \u2014 if allowed to progress \u2014 would \u201cavoid the possibility of engaging in protracted remedies\u201d in litigation.<\/p>\n The SEC cited the ongoing cases, though it did not name a specific one, saying that issues could arise from the initial Ripple Labs ruling in \u201cvarious pending cases, including many in this Circuit where the alleged investment contracts were offered and sold by issuers \u2014 like Ripple \u2014 on crypto asset trading platforms or for non-cash consideration.\u201d<\/p>\n In July, Judge Torres ruled that XRP<\/a> was not a security when used in \u201cprogrammatic\u201d sales. However, Torres wrote that it did meet the standards of the Howey test<\/a> in the context of institutional sales.<\/p>\n In its filing, the SEC said it sought to appeal the judge\u2019s decision on programmatic sales and \u201cother distributions,\u201d which included the sale and offer of XRP in exchange for goods or services.<\/p>\n \u201cThe Court\u2019s holdings that Defendants\u2019 \u201cProgrammatic Sales,\u201d as well as Ripple\u2019s \u201cOther Distributions,\u201d were not the offer or sale of an investment contract applied Howey\u2019s legal standard to an extensive factual record,\u201d Ripple Labs wrote Wednesday.<\/p>\n Read more:<\/strong> Ripple Labs v. SEC jury trial is set for spring 2024<\/a><\/p>\n Ripple Labs argued that the SEC doesn\u2019t meet the standards necessary to move forward with an interlocutory appeal, specifically saying that the regulatory body doesn\u2019t have enough to show \u201ca substantial ground for difference of opinion.\u201d<\/p>\n And, despite the SEC claiming that the court reached the \u201cwrong result in applying that test,\u201d it \u201cdoes not show any difference of opinion about an underlying legal rule.\u201d<\/p>\n However, Ripple Labs says that the SEC is welcome to pursue an appeal \u201cin the normal course after a final judgment with a full record.\u201d<\/p>\n Updated Aug. 16, 2023 at 5:09 pm ET: Added additional context throughout.<\/em><\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The US Securities and Exchange Commission is seeking to file an appeal in its legal battle against Ripple Labs, and now the distributed ledger tech firm has responded in court.\u00a0 Lawyers for Ripple Labs wrote in a letter that the SEC only filed the interlocutory appeal request last week as an \u201cabout face\u201d because of […]<\/p>\n","protected":false},"author":2,"featured_media":138081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138080"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138080\/revisions"}],"predecessor-version":[{"id":148206,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138080\/revisions\/148206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138081"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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