The ongoing legal spat between Ripple Labs and the US Securities and Exchange Commission is undoubtedly amongst the most important lawsuits for the cryptocurrency industry.
Today saw some serious developments as both parties have taken some actions.
- As CryptoPotato reported earlier, the SEC filed an interlocutory brief, seeking its intention to overturn the ruling of Judge Analisa Torres.
- Recall that earlier in July, Judge Torres ruled partially in favor of Ripple, determining that secondary sales of XRP do not constitute an investment contract.
- The SEC had earlier expressed that it disagreed with the decision, and now it seeks permission to file an appeal.
- Commenting on the most recent development was Stuart Alderoty – the Chief Legal Officer of Ripple.
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. Stay tuned.
- Alderoty essentially claims that the Commission lacks legal standing in filing an appeal, hence the interlocutory appeal request, while also revealing when Ripple plans to take action against it.