Ripple Labs has voiced its opposition in direction of the USA securities regulator’s transfer in direction of submitting an interlocutory attraction regarding the abstract judgment laid down by U.S. District Court docket Decide Analisa Torres on Jul. 13.

In an Aug. 16 letter to Torres of the Southern District of New York, Ripple’s attorneys defined that as a result of the Securities and Alternate Fee didn’t fulfill parts of the Howey check regarding Ripple’s distribution of XRP — a “authorized query” — the Court docket ought to reject the SEC’s movement for go away to file an interlocutory attraction.

An interlocutory attraction happens when a ruling by a trial court docket is appealed whereas different facets of the case are nonetheless continuing and are solely allowed underneath particular circumstances.

Ripple’s attorneys imagine it’s extra acceptable for the SEC to attraction the Court docket’s ruling after a remaining judgement with a full report.

Stuart Alderoty, Ripple’s chief authorized officer, explained that no “extraordinary circumstance” exists within the matter that warrants the Court docket to depart from regular authorized process:

“There isn’t any extraordinary circumstance right here that will justify departing from the rule requiring all points as to all events to be resolved earlier than an attraction.”

We oppose the SEC’s request for an interlocutory attraction. There isn’t any extraordinary circumstance right here that will justify departing from the rule requiring all points as to all events to be resolved earlier than an attraction. https://t.co/hjNIwEZkSt

— Stuart Alderoty (@s_alderoty) August 16, 2023

Associated: SEC v. Ripple: Decide greenlights funding banker declarant’s entry

On Jul. 13, Ripple scored a partial victory over the securities regulator concerning the securities standing of XRP.

Torres dominated that the XRP token was not in itself a safety. She mentioned, nonetheless, that gross sales of XRP tokens could be securities in sure circumstances, comparable to when offered to institutional traders however not when offered on exchanges to retail merchants.

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?