Pro-XRP Lawyers React to SEC’s Filing for Interlocutory Appeal
According to prominent XRP lawyer John E. Deaton, the recent filing by the U.S. Securities and Exchange Commission (SEC) to support its motion for an interlocutory appeal is a “professional embarrassment.” Deaton argues that it is the SEC, not Ripple, that is prolonging the lawsuit and wasting judicial resources. He believes that even if the appeal is granted, the SEC will fail to prove why XRP is a security, as it has already failed to meet the Howey Test’s third prong. Additionally, dragging Ripple executives into the lawsuit was a mistake for the SEC.
Lawyer Bill Morgan also criticizes the SEC, stating that Judge Torres never concluded that there can be no investment contract without direct contact between the issuer and the investor. Retired securities lawyer Marc Fagel and attorney Fred Rispoli believe the odds are against granting the SEC’s request for an interlocutory appeal.
Hot Take
The SEC’s filing for an interlocutory appeal in the Ripple case has drawn strong criticism from pro-XRP lawyers. They argue that the SEC is to blame for prolonging the lawsuit and failing to prove that XRP is a security. It remains to be seen whether Judge Torres will grant the SEC’s motion, but even if she does, the lawyers believe that Ripple still has a strong case. This latest development highlights the contentious nature of the legal battle between Ripple and the SEC, and the outcome will have significant implications for the broader cryptocurrency industry.
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