Ripple Labs has gone on to voice its opposition to the United States securities regulator’s move toward an interlocutory appeal that is strictly related to the summary judgment which was laid down by District Court Judge Analisa Torres on the 13th of July.
In a letter written on the 16th of August, to Torres, who presides over the Southern District of New York, the lawyers of Ripple went on to explain that since the Securities and Exchange Commission had failed to satisfy some of the elements of the Howey test which relates to the distribution of XRP, the court should ideally reject the motion made by the SEC for leave to file an interlocutory appeal.
Ripple Lab’s Lawyers Have Decided To Oppose The SEC
For those unaware, an interlocutory appeal takes place when a ruling by a trial court is further appealed while multiple other aspects of the case are still going on- with the rest being allowed only under specific circumstances. The lawyers of Ripple also believe that it would be more appropriate for the SEC to appeal the ruling of the court after a final judgment with a full record. The lawyers of the crypto company had also put up three main arguments in opposition to the request made by the SEC.
The first argument claimed that an appeal required a pure question of law and that the request by the SEC raised absolutely no new legal issues that had to be reviewed. Secondly, the lawyers further questioned the argument of the SEC wherein they claimed that the court had ruled incorrectly. Thirdly, the lawyers argued that an immediate appeal wouldn’t really advance the termination litigation proceedings. The Chief Legal Officer of Ripple, Stuart Alderoty, went on to explain that no extraordinary circumstance existed in the matter that could warrant the court to move away from normal legal procedure.