2023-09-02 00:58:13
Ripple has argued that the U.S. Securities and Exchange Commission (SEC) has not provided a strong enough case for an appeals court to intervene in its ongoing legal battle with the crypto company. This was revealed in a filing made by Ripple on Friday.
The regulator is seeking a judge's approval to appeal a ruling that found Ripple's programmatic sales of XRP didn't violate securities law. If the judge, Analisa Torres of the Southern District of New York, permits the bid, the SEC would have to prove to the Second Circuit Court of Appeals that the case should be taken up.
Ripple said that there are no controlling law questions at hand and an appeal wouldn't make the case end sooner. They stated that Judge Torres's ruling in July did not 'present a controlling question of law'. Moreover, they added that the SEC has not shown that other judges could disagree with the outcome or that an appeal would lead to a quicker resolution of the court case, both of which are requirements for the judge to grant an appeal.
Torres found that while Ripple had broken federal securities laws in selling XRP to institutional investors, it had not done so with retail investors by placing XRP on exchanges. This ruling was different to that of another judge in the same court, Jed Rakoff. The SEC had brought this point up when it filed its appeal on 18th August.
In response, Ripple said that the two cases were based on different facts, which led to the contrasting rulings. They stated that 'this Court’s summary-judgment ruling relied on record evidence that Ripple made no 'promises or offers' to purchasers in Programmatic Sales'. In comparison, Terraform Labs accepted that they and its founder had promised investors 'rates of returns of 19-20% on the coin owners’ initial investment'.
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