Ripple Labs has challenged the SEC’s attempt to appeal a court decision that favored Ripple in the ongoing lawsuit.
The SEC wants to overturn Judge Torres’ ruling that XRP sales on exchanges were not securities, but Ripple’s chief legal officer Stuart Alderoty tweeted that the SEC has no valid reason to do so. He said that the court should follow the normal procedure of resolving all issues before allowing an appeal.
Judge Torres’ ruling in mid-July was a major setback for the SEC, as it undermined its main allegation that Ripple sold unregistered securities in both primary and secondary markets.
The SEC based its appeal on a recent case where another judge dismissed the XRP ruling in a lawsuit against Terraform Labs and its founder, Do Kwon.