U.S. SEC Issues 20-Page Reply in XRP Lawsuit Appeal

• The appeal filed by the SEC requests that the whole case be put on hold.
• The SEC requested permission to appeal Judge Analisa Torres’ decision last month.

As part of its move to certify its interlocutory appeal in the XRP lawsuit, the U.S SEC issued a 20-page reply memorandum of law yesterday.

The SEC is seeking to preserve face by appealing the inquiries asked in the lawsuit, on the grounds that it has an institutional interest in settling the matter, while Ripple is trying to extend the case so that it may keep selling XRP.

The appeal filed by the SEC requests that the whole case be put on hold in order to conserve the Court’s and the parties’ time and energy.

Ongoing Legal Pursuit

The SEC makes the bold claim that none of the opinions addressing Howey in which a court came to the conclusion that the interlocutory order did not contain a legal issue was cited by Ripple, the Defendants. The regulatory body further says that Ripple is incorrectly asserting that the judgement was based on proven facts about the marketing and selling of XRP.

Last week, Ripple contended that the SEC hadn’t produced a strong enough case to merit an appeal; Friday’s filing strongly disagreed. The SEC requested permission to appeal Judge Analisa Torres’ decision last month in U.S. District Court.

The court heard the SEC’s arguments and gave Ripple until September 1 to respond. The submission on Friday is in reaction to the opposition document filed by Ripple. The SEC will have to argue its case before the Second Circuit Court of Appeals if Judge Torres grants the regulatory body’s request.

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