Ripple to File Multiple Cross-Appeals Should SEC Win Permission for Interim Appeal.
Ripple has filed a countermotion to the US Securities and Exchange Commission’s (SEC) move to seek permission for an interim appeal of the XRP ruling delivered in July.
In a recent tweet, Ripple’s Chief Legal Officer Stuart Alderoty confirmed the development. Alderoty urged the crypto community to peruse the opposition filing. Alderoty remarked in the tweet:
“Ripple just filed its opposition to the SEC’s request for an interlocutory (interim) appeal. Worth a read IMO, especially the footnotes.”
Ripple just filed its opposition to the SEC’s request for an interlocutory (interim) appeal. Worth a read IMO, especially the footnotes 😁. Fn. 5 is one of my personal favorites. https://t.co/E6ZSbShPwy
— Stuart Alderoty (@s_alderoty) September 1, 2023
The recent development from Ripple has heightened the morale of ardent supporters. Some expressed concern that the court battle seems to be far from concluding.
The well-known pro-XRP lawyer Bill Morgan also believed that the case has so much to go further. He also unearthed specific details about the Ripple’s opposition filing.
Ripple gave notice to the Court that if the SEC is given leave to appeal it will seek to cross appeal on institutional sales. It also made it clear it will defend any attempt to treat post complaint sales to ODL customers as investment contracts.This case as so much further to go pic.twitter.com/9MHC3fUUQa
— bill morgan (@Belisarius2020) September 1, 2023
Ripple to File Cross-Appeal
In the court document, Ripple notified the court of its resolve to equally file a cross-appeal should the SEC’s request be granted. The payment firm argued it would seek appellate review of the court decision siding with the SEC’s argument.
The statement read:
“… if the SEC is permitted to appeal, Defendants will seek to cross-appeal the portion of the Court’s Order finding Defendants’ Institutional Sales were sales of securities.”
In particular, it implies Ripple will move to review the ruling that its XRP sales to institutional investors counted as security.
Furthermore, attorney Morgan highlighted that Ripple also noted its intention to defend against any attempt by the SEC to classify sales of XRP to ODL customers after the SEC filed its lawsuit against Ripple Labs.
Moreover, Ripple noted it will cross-appeal the issues surrounding the statutory interpretation of the term investment contract.
Appealing an Ongoing Case
It is worth mentioning that the parties of an ongoing lawsuit are unable to appeal decisions the court granted along the line until the suit is concluded. This formed the basis of the US regulator seeking permission from the court to appeal parts of the Ripple victory ruling.
Ripple’s Chief Technology Officer elaborated on this view in a tweet last month. In sum, Ripple will move to cross-appeal multiple parts of the court decisions should the SEC’s interlocutory motion be granted.