Ripple’s effort to quickly appeal against the SEC’s decision on XRP is being discussed.
Ripple’s (XRP) chief legal officer, Stuart Alderoty, stated in a tweet on August 10th that they do not yet have the right to appeal the U.S. Securities and Exchange Commission’s (SEC) decision on XRP.
Alderoty made this statement in response to a document indicating the SEC’s intention to seek permission from the court for an internal appeal against Judge Analisa Torres’ decision on XRP’s programmatic sales.
SEC Indicates Intent to Appeal XRP Decision
In the document dated August 9th, the financial regulator stated the need for an internal review regarding the same subject’s divided regional decision. It was pointed out that Judge Jed Rakoff did not agree with Judge Torres’ decision and that Judge Rakoff is overseeing the case between the SEC and Terraform Labs.
Emphasizing the critical nature of the review, the regulator mentioned that the outcome could affect other cases. Therefore, the SEC requested a halt in all proceedings and preferred that the decision not be implemented during this period.
However, the SEC also alluded to the possibility of appealing the final decision if the Court denies the motion for an internal review.
The SEC’s document demonstrates that it hasn’t backed down in its effort to bring the crypto industry under its control. Under the leadership of Gary Gensler, the regulator has initiated legal proceedings against major crypto firms, including Binance and Coinbase.
Ripple Gears Up for SEC Response Next Week
Ripple’s Chief Legal Officer announced that the cryptocurrency-based payment firm will address the SEC’s letter in the coming week.
Alderoty did not provide additional information about what the response would entail. However, he explained that the financial regulator does not “yet” have the right to appeal, and thus they’re seeking permission to request an “internal” right of appeal.
Crypto attorney Bill Morgan has urged Ripple to hit the SEC hard and remind the Court about the different sales categories regulated by the judge, which the regulator established.