The United States Securities and Exchange Commission (SEC) has officially filed a motion to certify an interlocutory appeal in the ongoing legal battle against Ripple Labs and its executives.
The motion, submitted to the court, requests certification for two key holdings in the court’s summary judgment order issued on July 13, 2023.
Legal Showdown With Far-Reaching Implications
The first ruling the SEC seeks to appeal is the court’s determination that Ripple’s “Programmatic” offers and sales of XRP over crypto asset trading platforms “could not reasonably” lead investors to expect profits from the efforts of others.
The second ruling concerns the court’s determination that Ripple’s “Other Distributions” of XRP as a form of payment for services did not meet the legal definition of an “investment of money” under the SEC v. W.J. Howey Co. case.
Furthermore, the SEC argues that an immediate appeal is…
