Ripple, the crypto company, argued in a new filing Friday that the U.S. Securities and Exchange Commission (SEC) has not made enough of a case to warrant an appeals court intervention in its ongoing legal fight. The SEC is seeking a federal judge’s approval to appeal a ruling that found Ripple’s programmatic sales of XRP did not violate securities law. Ripple argued that there are no controlling law questions and that an appeal wouldn’t lead to a faster resolution of the overall case.
This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales, the filing said. A different judge in the same court, Judge Jed Rakoff, disagreed with Judge Torres’ assessment in his own ruling in the SEC’s case against Terraform Labs, a point the regulator brought up when it filed the substantive part of its appeal on August 18. Ripple said the factual bases underlying each case were different, leading to the different rulings.
The SEC has until September 8 to respond to today’s filing.