Ripple Labs said it opposes the Securities and Exchange Commission’s move last week seeking leave for an interlocutory appeal of the summary judgment order in a case that rocked the industry.
Ripple has been embroiled in a legal fight with the SEC since 2020 when the agency accused Ripple of raising $1.3 billion in 2020 through the sale of XRP, which it says is an unregistered security, while also charging Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The SEC said last week that it planned to challenge a partial defeat in its ongoing case against Ripple Labs, telling the court in the Southern District of New York that it will seek an an interlocutory appeal.
SEC’s legal fight with Ripple
A judge ruled last month that some of Ripple’s sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. The move was widely celebrated in the crypto community and sent the price of XRP surging.
The SEC is looking to specifically appeal the part of the decision about the programmatic sales as well as “other distributions” that included offers and sales of XRP in exchange for goods and services.
