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Despite Ripple achieving a partial legal victory against the SEC earlier this summer, the conflict is not yet resolved, as the agency has officially sought permission to appeal the ruling.
The response from the US securities regulator follows the expiration of the deadline for Ripple to file its opposition, which was on September 1.
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- Recall what is arguably the most pivotal event in the cryptocurrency sector in July, when US Judge Analisa Torres ruled in favor of the blockchain firm, stating that the majority of its XRP sales did not represent an offer of unregistered securities. However, this ruling applied only to retail investors and excluded institutions.
- The Securities and Exchange Commission promptly reacted by seeking court approval to appeal the ruling in August.
- By referencing other notable cases against cryptocurrency firms, such as the one involving Terraform Labs, the regulator asserted at that time that there remained “substantial grounds for difference of opinion” regarding the application of securities laws to digital assets.
- The blockchain company contested the SEC’s request, arguing that the court should deny the regulator’s appeal because there was no “extraordinary circumstance” warranting a deviation from the principle that mandates all issues be settled prior to an appeal.
- As anticipated, the agency disagreed with Ripple’s motion, asserting that an interlocutory appeal, which occurs when a trial court ruling is challenged while other aspects of the case are still ongoing, would not delay the proceedings.
“The SEC, like the Court, has an institutional interest in the most efficient ultimate resolution of this litigation. Defendants’ interest, by contrast, is to delay an ultimate resolution so that they may continue freely selling XRP into public markets without the disclosures that come with registration, to the tune of over $3 billion net ODL sales since 2020 alone.” – states the filing.
- Specifically, the SEC appealed against the decisions regarding two types of XRP sales – programmatic and those categorized by the court as “other distributions.” The former pertains to sales to retail investors, which the court determined did not breach securities laws, while the latter encompasses offers and sales of XRP in exchange for goods and services.
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