After US District Judge Analisa Torres ruled last month that XRP is not a security when sold to retail investors, the Securities and Exchange Commission (SEC) on Friday requested the judge to grant it the permission to appeal her verdict. In its request, the SEC said that the court’s ruling, which was on a preliminary motion and is not a final one, could affect other pending cases related to cryptocurrencies.
Reacting to the SEC move, Ripple Lab’s Chief Technology Officer (CTO) David Schwartz posted his company’s view on the matter on X (formerly Twitter).
“There are lots of little rulings all through a court case and an appeal typically takes at least a year. If each ruling were appealed by the “losing” side as it happened, you’d either have to pause the original case for a year every time a party appealed, making it take forever, or you’d have lots of overlapping appeals both sides would have to deal with as the actual case is still going. So we encourage either or both sides to appeal all adverse rulings at the conclusion of the case,” he wrote.
Schwartz admitted that there can be exceptions for unusual cases. But Ripple is arguing that there should be no exception made in this case, he added.
“… even if the court grants the SEC the right to appeal, the case should still continue and the appeal should run in parallel,” Schwartz argued.
