Ripple Response To SEC Appeal Request In A Week
XRP News: The US Securities and Exchange Commission (SEC) on Wednesday filed a letter outlining its basis for filing a motion for leave to file an interlocutory appeal. The appeal it wants to file is about the programmatic sales to XRP buyers over trading platforms and also distribution channels Ripple uses. The letter by the US SEC comes on the same day as Judge Analisa Torres’ pretrial scheduling order. Earlier, CoinGape reported that the SEC made clear its intention to appeal the recent XRP ruling by Judge Torres, amid much speculation.
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Lawyers on both sides of the XRP Vs SEC lawsuit had a busy day on August 9, 2023, with two filings, one each from the agency and the Judge. The onus is now on how Ripple reacts to these developments.
Ripple Filing Response Next Week
Stuart Alderoty, the Chief Legal Officer at Ripple, clarified on the rights the agency have in terms of appealing the Summary Judgment. He said the agency is only seeking the court’s permission to file an appeal. In response, Ripple will file a letter to the court next week, Alderoty said. Importantly, the US SEC is not seeking to appeal against the decision of XRP being a security, it is rather on its losses on the programmatic and individual sale of the token.
“The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week.”
Meanwhile, the XRP price suffered a big drop with the news of the SEC’s filing to seek an interlocutory appeal. However, the Ripple response could likely boost the token next week.
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