Ripple Labs bites back against SEC’s request to file appeal
Ripple Labs has voiced its opposition towards the United States securities regulator’s move towards filing an interlocutory appeal relating to the summary judgment laid down by U.S. District Court Judge Analisa Torres on Jul. 13.
In an Aug. 16 letter to Torres of the Southern District of New York, Ripple’s lawyers explained that because the Securities and Exchange Commission failed to satisfy elements of the Howey test relating to Ripple’s distribution of XRP — a “legal question” — the court should reject the SEC’s motion for leave to file an interlocutory appeal.
An interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding and are only allowed under specific circumstances.
Ripple’s lawyers believe it is more appropriate for the SEC to appeal the court’s ruling after a final judgement with a full record.
Ripple’s lawyers put forth three main arguments in its opposition against the SEC’s request. They first argued that an appeal requires a pure question of law and that the SEC’s request raises no new legal issues that need to be reviewed.
Secondly, the lawyers claim the SEC’s argument that the court ruled incorrectly on the matter is not sufficient, as the SEC must show that two courts are in clear conflict with each other over the subject issues, which isn’t the case here.
Thirdly, Ripple’s lawyers argued that an immediate appeal will not advance the termination litigation proceedings.
NEW: @Ripple files its response to the @SECGov’s anticipated interlocutory appeal.
The company, @bgarlinghouse and @chrislarsensf oppose the appeal on the following grounds:
1. The Court’s Order Does Not Involve a Controlling Question of Law.
2 The SEC Cannot Show a…
— Eleanor Terrett (@EleanorTerrett) August 16, 2023
Stuart Alderoty, Ripple’s chief legal officer, explained that no “extraordinary circumstance” exists in the matter that warrants the court to depart from normal legal procedure:
“There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.”
We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal. https://t.co/hjNIwEZkSt
— Stuart Alderoty (@s_alderoty) August 16, 2023
Related: SEC v. Ripple: Judge greenlights investment banker declarant’s entry
On Jul. 13, Ripple scored a partial victory over the securities regulator regarding the securities status of XRP.
Torres ruled that the XRP token was not in itself a security. She said, however, that sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Politics
Chancellor Rachel Reeves says she is ‘totally’ up for the job of chancellor in first comments since tearful PMQs
The chancellor has said she was having a “tough day” yesterday in her first public comments since appearing tearful at Prime Minister’s Questions – but insisted she is “totally” up for the job.
Rachel Reeves told broadcasters: “Clearly I was upset yesterday and everyone could see that. It was a personal issue and I’m not going to go into the details of that.
“My job as chancellor at 12 o’clock on a Wednesday is to be at PMQs next to the prime minister, supporting the government, and that’s what I tried to do.
“I guess the thing that maybe is a bit different between my job and many of your viewers’ is that when I’m having a tough day it’s on the telly and most people don’t have to deal with that.”
Politics latest: PM sets out 10-year NHS plan
She declined to give a reason behind the tears, saying “it was a personal issue” and “it wouldn’t be right” to divulge it.
“People saw I was upset, but that was yesterday. Today’s a new day and I’m just cracking on with the job,” she added.
Ms Reeves also said she is “totally” up for the job of chancellor, saying: “This is the job that I’ve always wanted to do. I’m proud of what I’ve delivered as chancellor.”
Reeves was seen wiping away tears during PMQs. Pic: PA
Asked if she was surprised that Sir Keir Starmer did not back her more strongly during PMQs, she reiterated that she and the prime minister are a “team”, saying: “We fought the election together, we changed the Labour Party together so that we could be in the position to return to power, and over the past year, we’ve worked in lockstep together.”
PM: ‘I was last to appreciate’ that Reeves was crying
The chancellor’s comments come after the prime minister told Sky News’ political editor Beth Rigby that he “didn’t appreciate” that she was crying behind him at Prime Minister’s Questions yesterday because the weekly sessions are “pretty wild”, which is why he did not offer her any support while in the chamber.
He added: “It wasn’t just yesterday – no prime minister ever has had side conversations during PMQs. It does happen in other debates when there’s a bit more time, but in PMQs, it is bang, bang, bang. That’s what it was yesterday.
“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”
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Starmer explains to Beth Rigby his reaction to Reeves crying in PMQs
During PMQs, Tory leader Kemi Badenoch branded the chancellor the “human shield” for the prime minister’s “incompetence” just hours after he was forced to perform a humiliating U-turn over his controversial welfare bill, leaving a “black hole” in the public finances.
The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill was backed by a majority of 75 in a tense vote on Tuesday evening – but a total of 49 Labour MPs voted against the bill, which was the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s lone parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.
Ms Reeves has borne a lot of the criticism over the handling of the vote, with some MPs believing that her strict approach to fiscal rules has meant she has approached the ballooning welfare bill from the standpoint of trying to make savings, rather than getting people into work.
Ms Badenoch also said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.
Sir Keir did not explicitly say that she will, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”
Downing Street scrambled to make clear to journalists that Ms Reeves was “going nowhere”, and the prime minister has since stated publicly that she will remain as chancellor “for many years to come”.
Peter Märkl, general counsel at Bitcoin Suisse, criticized both EU and Swiss stablecoin regulations as inadequate and burdensome.
BitPay’s USDC stablecoin transactions accounted for almost double that of USDT in 2024, but the trend has shifted in favor of Tether this year.
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