In mid-July, the long-awaited verdict in the SEC-XRP case came.
Judge Torres, who heard the case, said that the sale of XRP on exchanges is not a security, but the institutional sale of XRP is a security.
While this decision was hailed as a Ripple victory, the SEC filed an interim appeal to appeal Judge Torres' XRP decision.
In its letter to Judge Torres, the SEC indicated its intent to file an appeal under 28 USC § 1292(b) based on two adverse liability determinations contained in a judgment of July 13, 2023.
Stuart Alderoty, Ripple's Chief Legal Officer, commented on the SEC's request for an interim appeal to court.
Stuart Alderoty, who criticized the SEC's appeal and stated that the SEC does not have the right to appeal, said:
“The SEC does not yet have the right to appeal, so they are asking permission to file an interim appeal.
Ripple will submit its response to the Court next week. Stay tuned.”
The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned. https://t.co/zCeVZhYfxc
— Stuart Alderoty (@s_alderoty) August 9, 2023
XRP, which experienced a huge rise after Judge Torres' decision, fell by about 5% on the news that the SEC filed an interim appeal.
XRP continues to be traded at $ 0.6266 at the time of writing.
*Not investment advice.
