Judge Analisa Torres has granted the U.S. Securities and Exchange Commission (SEC) the request to file an interlocutory appeal in its lawsuit against Ripple Labs. 

See related article: XRP’s partial victory as Russia inches toward CBDC; Arkham draws flak

Fast facts

• Interlocutory appeals occur before all claims related to all parties are resolved and are only allowed under specific circumstances.
• In this case, the SEC can file a motion by Aug. 18 to request permission to bring a case to the U.S. Court of Appeals for the Second Circuit. Ripple Labs can also file an opposition to the agency’s motion.
• Torres, a district judge of the U.S. District Court for the Southern District of New York who presides over the case, granted the SEC’s appeal approximately a month after Ripple’s partial victory in its lawsuit where she ruled that Ripple’s institutional XRP sales to violated securities laws, but public sales on exchanges did not.
• “The request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate/trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense,” Brad Garlinghouse, the chief executive officer of Ripple Labs, tweeted on Thursday. 
• The SEC sued Ripple in December 2020, alleging that the company was offering an unregistered security.

See related article: Ripple gets in-principle approval for Singapore digital payment license

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• Source: https://forkast.news/headlines/sec-granted-permission-file-interlocutory-appeal-ripple-case/