According to court records, the SEC is appealing Judge Torres' final decision.
The SEC has submitted a letter of intent to appeal against Judge Torres' summary judgment in the SEC and Ripple case on July 13.
In a letter to Judge Analisa Torres, the SEC indicated its intent to file an appeal under 28 USC § 1292(b) based on two adverse liability determinations contained in a July 13, 2023 decision.
The ruling, which gave a summary judgment to the defendant Ripple Labs, concerned allegations of unregistered securities sales. The SEC contested the court's conclusions, particularly those related to Ripple's “Scheduled” offerings and sales and “Other Distributions” in exchange for non-monetary considerations.
The SEC erroneously ruled that these proceedings were the landmark SEC v. WJ Howey Co. argues that it was deemed not to involve the offer or sale of securities in the context of the lawsuit.
He argued that a provisional appeal and subsequent clarification of legal standards would facilitate the resolution phase and potentially avoid the need for two separate hearings.
In addition, the SEC expressed concern that the resolution of the case could be delayed for years if no appeal is filed.
*Not investment advice.
