The battle between Ripple and the SEC is in full swing. A few weeks after suffering a significant setback in court, the SEC intends to appeal. However, Ripple is determined to prevent the U.S. financial watchdog from using this lever.
Ripple wants to prevent the SEC’s appeal
In a memorandum filed on September 1st, Ripple simply states its opposition to the SEC’s interlocutory appeal. It believes that the ‘exceptional conditions’ required for such an appeal are absent.
According to Ripple, the SEC must demonstrate that other judges would disagree with the initial decision and that an appeal would lead to a faster resolution of the trial.
However, since the decision in July is far from being definitively confirmed, Ripple explains that the SEC’s appeal would simply lengthen the overall procedure.
What are Ripple’s arguments?
Ripple explains its viewpoint in two distinct points in this 24-page document.
Firstly, Ripple believes that the July judgment does not present a determinative legal question. Therefore, an appeal on this decision cannot present one either.
Secondly, the company believes that the alleged substantial reason for disagreement is simply the dissatisfaction of the SEC.
A counterattack by Ripple in the event of an SEC appeal?
Finally, Ripple assures that if the SEC’s appeal is granted by the judge, then the company’s legal teams will consider making a ‘cross-appeal’ of the court’s order regarding institutional sales of XRP.
Ripple’s lawyers add that such a strategy will allow ‘a thorough examination of the complete case, and not just the parts that the SEC wishes to highlight’.