SEC Appeals Against Ripple Ruling, Insists XRP Is A Security

• The US SEC files a motion to seek an interlocutory appeal in XRP ruling.
• Ripple CEO strongly upholds that “the law of the land right now is that XRP is not a security”

The US Securities and Exchange Commission (SEC) has formally requested the court on Friday to grant an interlocutory appeal in relation to Judge Analisa Torres’s XRP ruling made on July 13.

The current appeal serves as a reminder of the progression of the court’s judgment thus far and the notable steps that remain to be taken before arriving at a final verdict. The SEC reflects its dissatisfaction with specific aspects of the court’s ruling.  

As per the court filing, Ripple Labs are allowed to respond on or before September 1, 2023, to the motion filed by the SEC. However, this recent appeal by the SEC has not yet been authorized by Judge Torres.

SEC’s Disagreements With the XRP Ruling

An interlocutory appeal is lodged for the purpose of reviewing a specific court ruling while the case is still in motion. Through this appeal, the SEC continues to oppose and regard the following two key holdings from the order as “legally insufficient”: “Programmatic” offers and sales of XRP and the cryptocurrency’s “Other Distributions.”

Though being held in other investigations on securities law infringements by crypto firms like Binance and Coinbase, the SEC is not giving up on Ripple. According to the SEC, the halt in between the appeal proceedings would lead to higher chances of settling the case without further trials in the Second Circuit. 

Notably, Brad Garlinghouse, Ripple CEO, and Stuart Alderoty, the firm’s Chief Legal Officer, persistently uphold the opinion that, “the law of the land right now is that XRP is not a security.”

On the other hand, at press time, Ripple’s XRP trading at $0.5057 after a 24-hour price drop of over 0.48% as per CoinMarketCap. The daily trading volume of 52.84% XRP tokens in circulation fell 44.70% to $1.57 billion. And, this seems to be one of the lowest levels over the last month as the price has dropped by 36.19%.