American blockchain payments firm Ripple Labs Inc. has filed an opposition to the request from the United States Securities and Exchange Commission (SEC) to seek an interlocutory appeal to the earlier ruling from Judge Analisa Torres that XRP is not a security when traded on secondary marketplaces.
Ripple position in ruling
As contained in the opposition filing, Ripple attorneys said they believe the essential features required for an interlocutory appeal are absent.
"First, the Court's summary judgment order does not present a controlling question of law suitable for interlocutory appeal," the filing reads. "Second, the supposed substantial ground for disagreement is merely the SEC's dissatisfaction with the Court's application of Howey to most of Defendants' transactions in XRP."
The SEC's appeal has further underscored the core goals of the market regulator, which, in its own words, are targeted at protecting investors. Crypto industry insiders have pointed out the irony in this position as investors, through amicus curiae's representation, have highlighted time and again that the core focus for acquiring Ripple was because of its utility, and not necessarily because of expectations of price gains.
While the Ripple appeal met the postulated deadline as set by Judge Torres, the next course of action as defined by the Court is now for the SEC to file a counter-argument if it has any.
Broader industry expectations
Despite the clearer closure that the blockchain payments firm has gotten with the July ruling, the mild uncertainty in the final outcome has sustained the debate in the broader Ripple community.
With the appeal and this current counter-opposition from Ripple, the convictions of experts like the XRP holders' lawyer are now deepened that the firm will come out victorious in the suit at the end of the day. The timeline remains uncertain with trial for the case in view, a situation that has continued to weigh in deeply on the XRP coin.
Tomiwabold Olajide
Alex Dovbnya