Ripple Letter to Judge: SEC Did Not Meet Standards Needed to Advance Interlocutory Appeal

Odaily Planet Daily News Ripple Labs' lawyer wrote to Judge Analisa Torres, expressing his opposition to the US SEC's move to seek an interlocutory appeal against the summary judgment order last week. The letter reads, "By failing to fulfill its duty to present the facts in support of having Howey cover all of the defendant's distribution of the digital asset XRP, the SEC has now reversed course and rushed to appeal what it claims. This is a pure ' legal issues', affecting all other digital asset cases." Ripple Labs argued that the SEC did not meet the criteria needed to move forward with an interlocutory appeal, with insufficient evidence to demonstrate “substantial grounds for difference of opinion.” (Blockworks) As previously reported, the SEC has submitted a letter to Judge Analisa Torres of the Southern District of New York seeking an interlocutory appeal against two adverse liability rulings in the Ripple Labs case. The SEC stated that it is seeking to appeal part of the ruling, while other parts are entering the trial stage. Ripple has until August 16 to respond, and the SEC will submit a briefing on August 18. "There is a need for an interim review here, which touches on controlling legal issues on which disagreements are reflected in the divisions within the district that have developed," the SEC said.