Ripple Labs has revealed plans to file its response to the SEC’s interlocutory appeal request.
Leading blockchain company Ripple has reacted to the US SEC’s request to appeal Judge Analisa Torres’ recent court ruling. Recall that yesterday the SEC requested permission to file an interlocutory appeal of the court’s ruling on Ripple’s programmatic sales of XRP and the company’s other coin distribution.
In a tweet today, Ripple’s general counsel Stuart Alderoty confirmed that the blockchain company would respond to the SEC’s request. According to Alderoty, Ripple will officially file its response by next week.
“Ripple will file its response with the Court next week. Stay tuned,” said Alderoty.
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. https://t.co/zCeVZhYfxc
— Stuart Alderoty (@s_alderoty) August 9, 2023
Why SEC Is Opting for Interlocutory Appeal
Meanwhile, Alderoty clarified that the securities regulator is requesting permission to file an interlocutory appeal because it does not have the right to file an appeal just yet.
It bears mentioning that an interlocutory appeal is an appeal filed by a party challenging a court’s decision when there are still unresolved issues in a lawsuit.
Notably, there are still unresolved issues in the SEC v. Ripple lawsuit. Yesterday, Judge Torres scheduled a jury trial to resolve the remaining part of the case.
Fox Business journalist Eleanor Terrett shared the development yesterday on X, formerly Twitter.
?NEW: Judge Torres says the Court will seek to schedule a jury trial for the @SECGov/@Ripple case in the second calendar quarter of 2024.
Torres has ordered both parties to submit blackout dates for trial by Wednesday, August 23rd. See the full deadline schedule below. ?? pic.twitter.com/3GrE4FDPEu
— Eleanor Terrett (@EleanorTerrett) August 9, 2023
The trial, which is expected to commence in the second quarter of 2024, aims to resolve the SEC’s case against Ripple execs- Brad Garlinghouse and Chris Larsen.
Requirements for an Interlocutory Appeal
The SEC has opted to file an interlocutory appeal since the lawsuit still has unresolved issues. To file an interlocutory appeal, the party must seek permission from the ruling judge and the higher court it wishes to file the appeal.
Interestingly, the SEC must satisfy three essential criteria to obtain permission for an interlocutory appeal. Prominent legal expert James “MetaLawMan” Murphy said the SEC must prove that Judge Torres’ decision involves a controlling question of law.
Secondly, the regulator must argue that there is enough ground for contrary opinions. Thirdly, the regulatory agency must show that an immediate appeal may provide adequate materials to advance the lawsuit.
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