874) (‘Order’) present precisely the kinds of ‘knotty legal problems’ that led Congress to provide for interlocutory review,” the agency stated. “The SEC respectfully requests certification for appellate review now because the issues raised by the Court’s order on summary judgment (D.E. The SEC requested the court to approve its interlocutory appeal motion and “suspend further proceedings until the appeal is resolved.”
However, the SEC fired back and asked the court not to consider Ripple’s objection, citing complex legal issues related to the court’s interpretation of the law, particularly the Howey test, necessitating a thorough review.
Ripple’s legal team suggested that the SEC should wait for a final judgment and a complete record before seeking an appeal.
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It is worth noting that an interlocutory appeal happens when a trial court decision is appealed while the case is ongoing, but it’s only permitted in specific circumstances. Ripple further stated that the SEC has not demonstrated that other judges would disagree with the ruling or that an appeal would hasten the case’s conclusion, which are prerequisites for the judge to approve an appeal. Ripple obje c ted to the regulator’s decision to pursue an interlocutory appeal, arguing that no substantial legal issues are at stake and that an appeal would not accelerate the overall case resolution. “The Programmatic Sales ruling could have significant persuasive value in various pending SEC enforcement actions where issuers offered and sold crypto assets indiscriminately to public investors over crypto asset trading platforms, including cases pending in this district,” the SEC said. Legal representatives for the SEC asserted that these rulings could exert a “significant influence on numerous ongoing legal proceedings.” It is worth noting that the regulator is pursuing cases related to securities laws against notable entities like Coinbase and Binance, among others. The agency argued that the case was ‘wrongly decided.’ The SEC contended that opting for an interlocutory appeal rather than a conventional one is imperative due to the belief that swift appellate resolution of the two rulings enhances the likelihood that this court can comprehensively address the remedies for all potential violations for which Ripple and its executives may ultimately be found liable. District Court in the Southern District of New York to certify for interlocutory appeal.
SEC’s interlocutory appealĪs anticipated, the SEC filed a motion, requesting the U.S. In light of this, Finbold has compiled a list of three key events that have transpired since the initial ruling in this case. It’s important to note that this ruling did not signify the case’s conclusion but instead set off a sequence of events involving both parties. With the final verdict still pending and its potential impact on the broader cryptocurrency market, this case continues to draw substantial interest within the digital asset sphere.
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