Why Ripple Believes SEC’s Appeal Motive Falls Short

Ripple recently pushed back against the U.S. Securities and Exchange Commission’s (SEC) attempts to appeal a judge’s ruling from July. According to the crypto company, the SEC hasn’t provided adequate reasoning to involve an appeals court in the ongoing lawsuit.

In an earlier ruling, Judge Analisa Torres of the Southern District of New York decided that Ripple’s systematic XRP sales weren’t in violation of securities regulations. The SEC, disagreeing with the decision, now seeks the judge’s permission to challenge her ruling. But should Judge Torres agree, the SEC’s next step would be to persuade the Second Circuit Court of Appeals to hear the case.

Ripple stated in their recent filing, “July’s ruling did not ‘present a controlling question of law,’” and further highlighted that the SEC’s reasons for an appeal lack depth. Ripple emphasized that the SEC hasn’t demonstrated any variance in how different judges might perceive the decision. Additionally, the company believes that opting for an appeal wouldn’t speed up the case’s conclusion. All these elements, as Ripple points out, are crucial for a judge to greenlight an appeal.