The Securities and Exchange Commission has further argued the need for a mid-case appeal over the finer points of law.
as part of its ongoing case against the crypto company closely affiliated with the XRP cryptocurrency. While Ripple argued last week that the SEC hadn't made a sufficient argument to warrant an appeal, Friday's filing pushed back forcefully.
The SEC signaled its intent to appeal Judge Analisa Torres' ruling in the U.S. District Court for the Southern District of New York last month, asking the judge for permission soon after. The judge allowed the SEC to make its case, giving Ripple a September 1 deadline to present its opposition. Friday's filing is a response to Ripple’s opposition memo.
"'[Judge Rakoff] did reject this Court’s legal conclusion that the existence of 'blind' trading platform-based transactions precludes the application of Howey, as a matter of law, under virtually identical facts ," the filing said.
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