Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to leave to file an interlocutory appeal in its case against Ripple Labs. The securities regulator sent a letter to Torres on Aug. 9, saying her decision could affect multiple pending court cases.
According to United States laws, an interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding. The decision allows the SEC to build and bring a case to the U.S. Court of Appeals for the Second Circuit. Ripple will also will also be able to file an opposition to the appeal.
Judge Torres ruled on July 13 that Ripple’s native token (XRP) is not a security when distributed in public sales, but considered XRP a security in institutional sales. The case against Ripple has been ongoing since December 2020 when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations the company was offering an unregistered security.
This is a developing story, and further information will be added as it becomes available.
