Not Yet Kapok, US Regulators File An Appeal After Court Gives Victory To Ripple

XRP crypto assets published by Ripple. (Photo; Doc. Gulf Insider)

JAKARTA - The United States Securities and Exchange Commission (SEC) sent a letter to District Judge Analyst Torres on Wednesday asking for permission to appeal the decision in the SEC v. Ripple case regarding XRP. The appeal was made before all claims were resolved for all parties.

In a letter submitted, the SEC clarified its intention to certify a court ruling regarding the offer and sale of 'Programmed' by the Defendant to XRP buyers through crypto asset trading platforms and Ripple's 'Other Distribution' in exchange for labor and services, which cannot be categorized as supply or sale of securities under existing law.

"We argue that the review is very relevant in this regard. These two issues raise very fundamental legal questions, in which substantial differences of opinion can be found, as reflected in the disagreements that have emerged in various districts," said a statement from the securities supervisory agency.

Furthermore, the SEC also explained that this request would also seek to slow down the district court process.

In its response via Twitter, Crypto Law described the meaning of the request for a suspension submitted by the SEC: "With this request, they intend to postpone the entire ongoing process in Torres court regarding this case, including the recovery and trial process. However, the success of this request has yet to be confirmed."

The SEC continued in its letter: However, they will most likely be given a temporary suspension when the interim appeal request is being considered, although the duration will not last long. However, if the SEC does not apply for a suspension, their argument regarding the urgency of filing an interlocutory appeal will look more fragile. Keep in mind, that this suspension will not affect the decision that has been taken by Judge Torres. "

Ripple Labs was given a one-week deadline to respond to a letter submitted by the SEC. Stuart Alderoty, chief Ripple's attorney, shared via his Twitter account: "Currently, the SEC does not yet have the right to file an appeal, that's why they are seeking permission to file an interlocutory appeal. Ripple will submit its response to the court next week. Keep following further news developments."