- Ripple Labs has responded to SEC.
- The company reiterated its XRP crypto case ruling.
- Court documents reveal an ongoing battle between the company and SEC.
Ripple Labs has filed an opposition motion in response to the SEC’s recent move, seeking an interlocutory appeal against the July 13 court ruling by Judge Analisa Torres. Through its lawyers, in a letter dated Aug 16, the company argues that the Securities and Exchange Commission failed to substantiate its case under the Howey test.
Accordingly, the defendant’s lawyers have asked the court to quash the SEC’s motion for a stay to file an interlocutory appeal. Further, the defense believes it is prudent for the commission to await the final full judgment in lieu of appealing its partial loss.
Grounds for Opposition
In the court letter, Ripple Labs’ attorneys based their submission on three key points. First, the defense team notes that an appeal should be based on a pure question of law, whereas the SEC’s motion doesn’t raise any legal concerns warranting a review.
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Secondly, the legal team dismisses SEC’s submission that the honorable court erred in ruling and finding, terming it insufficient. Thirdly, the lawyers explained that granting an immediate appeal on the case will unlikely advance the termination of the ongoing litigation.
The “Overreaching” Regulator?
The SEC has been on the receiving end of crypto advocates and like-minded firms who believe that it is overstretching its regulatory mandate. Ripple Labs didn’t hesitate to raise concerns about what it perceived as selective or biased enforcement based on convenience.
“The SEC has relied on a years-long strategy of attempted regulation by enforcement, trading on regulatory uncertainty to address digital asset sales one at a time without providing meaningful guidance or engaging in rule-making. Its approach has resulted in an ever-shifting litigation strategy here in which the SEC has seemingly taken positions more out of convenience than conviction,” read the letter.
Learn why Ripple Labs’ attorney is calling for an inquiry into alleged conflicts and biases by an ex-SEC official:
Ripple Labs CLO Calls for Probe into Ex-SEC Official’s Crypto Actions
Stay updated on the take of Ripple’s CEO in the ongoing SEC lawsuit:
Ripple’s CEO Reflects on Transparency as a Double-Edged Sword Amid SEC Case
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