What the SEC’s Interlocutory Appeal Means for the Ripple v. SEC Case
As Ripple’s legal battle against the SEC continues, the regulator has announced its intention to submit an ‘interlocutory appeal,’ which has sparked debate about the implications for the case. Defense attorney James K. Filan shared a letter from the SEC outlining its basis for the appeal. The SEC is seeking a stay of all proceedings pending appeal, meaning they want the court to hold off on enforcing the judgment until the appeal is over. Lawyer John E. Deaton explained that this was just a pre-motion letter, asking for permission to file a formal motion for the appeal. Deaton expects the motion to be granted by Judge Analisa Torres.
Key Points:
- The SEC has filed a letter outlining its basis for an interlocutory appeal in the Ripple case.
- Defense attorney James K. Filan shared the letter on August 9.
- The SEC is seeking a stay of all proceedings pending appeal.
- Lawyer John E. Deaton expects the motion for appeal to be granted by Judge Analisa Torres.
- Legal expert Jeremy Hogan questions the SEC’s decision to file the interlocutory appeal.
The Reasoning Behind the Appeal
Lawyer John E. Deaton believes Judge Analisa Torres will grant the motion for appeal because it will allow her to further explain her reasoning and make it ‘appeal-proof.’ Deaton also points out that critics of Torres’s decision fail to acknowledge her statement that some buyers may have purchased XRP with profit expectations. However, Deaton argues that the SEC did not present enough credible evidence. On the other hand, legal expert Jeremy Hogan questions the SEC’s decision to appeal only the losses on programmatic and individual sales, not whether XRP itself is a security.
Response from Ripple and Observations on SEC Language
Attorney Stuart Alderoty states that the SEC does not yet have the right to appeal, which is why they are seeking permission for an interlocutory appeal. Ripple will be filing its response with the court soon. Additionally, lawyer Bill Morgan notes a change in the SEC’s language in a settlement with Bittrex, where it no longer uses the term ‘selling digital asset securities’ but instead refers to ‘crypto assets offered and sold as securities.’
Hot Take:
The SEC’s decision to file an interlocutory appeal in the Ripple case raises questions about the future of the legal battle. While some experts believe the appeal will be granted and provide an opportunity for further explanation, others question the SEC’s motives and focus. The outcome of this appeal could have significant implications for the classification and regulation of cryptocurrencies, particularly XRP. Crypto readers should stay tuned for further developments in this ongoing case.
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