<ul><li>Ripple Labs has responded in court, opposing the SEC&#39;s request for an interlocutory appeal regarding XRP&#39;s status.</li><li>CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have expressed strong disapproval, emphasizing that XRP is not a security.</li><li>The legal battle over XRP&#39;s status as a security could set a significant precedent for how digital assets are regulated.</li></ul>In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the technology firm has <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.889.0.pdf" rel="noopener noreferrer nofollow">responded</a> in court, opposing the SEC&#39;s request for an interlocutory appeal. Ripple Labs, CEO Brad Garlinghouse, and former CEO Christian Larsen have expressed strong disapproval of the SEC&#39;s move.The SEC&#39;s <a href="https://twitter.com/FilanLaw/status/1689387153812230144?s&#61;20" rel="noopener noreferrer nofollow">request</a> was filed last week, claiming that the appeal would &#34;avoid protracted remedies&#34; in litigation. Ripple Labs&#39; lawyers, including Chief Legal Officer Stuart Alderoty, <a href="https://twitter.com/s_alderoty/status/1691917112019960288?s&#61;20" rel="noopener noreferrer nofollow">wrote</a> to Judge Analisa Torres, arguing that the SEC&#39;s request was an &#34;about face&#34; due to its strategy to regulate the digital asset sector by enforcement. Alderoty emphasized that the SEC&#39;s request lacked merit, as it failed to show &#34;a substantial ground for difference of opinion&#34;.In July, Judge Torres <a href="https://www.nysd.uscourts.gov/sites/default/files/2023-07/SEC%20vs%20Ripple%207-13-23.pdf" rel="noopener noreferrer nofollow">determined</a> that XRP did not qualify as a security during &#34;programmatic&#34; sales, although it fulfilled the criteria of the Howey test when sold to institutional investors. The SEC has since sought to challenge this ruling, specifically targeting the decision on programmatic sales and &#34;other distributions&#34;, such as the offering and sale of XRP for goods and services.Garlinghouse also <a href="https://twitter.com/bgarlinghouse/status/1691927226009235666?s&#61;20" rel="noopener noreferrer nofollow">weighed in</a> on the matter, reminding the public that the request for appeal does not change the fact that XRP is not a security. He expressed frustration with the SEC&#39;s continued claims that he and Larsen acted recklessly in believing that XRP is not a security, calling such allegations &#34;utter nonsense&#34;.Garlinghouse further stated that he looks forward to proving the SEC wrong. This was a reference to the Judge&#39;s July 13 ruling that the SEC would be put to their proof at trial regarding their claim against him and Larsen.Read full article at <a href="https://cryptotale.org/ripple-labs-firmly-rejects-secs-appeal-request-in-xrp-legal-battle/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Ripple Labs Firmly Rejects SEC's Appeal Request in XRP Legal Battle

CryptoTale

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