The Legal Battle Between Ripple and the SEC: Ripple Opposes Interlocutory Appeal
Ripple Labs and its co-defendants, Bradley Garlinghouse and Christian Larsen, have filed their opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal. Ripple’s Chief Legal Officer, Stuart Alderoty, stated that there is no extraordinary circumstance that justifies departing from the rule requiring all issues to be resolved before an appeal. In their opposition, Ripple makes several nuanced arguments:
1. Nature of the SEC’s Appeal: Ripple argues that the SEC’s appeal deeply entangles the application of the Howey test to specific facts, which is not appropriate for an interlocutory appeal.
2. SEC’s Historical and Current Position: Ripple highlights that the SEC previously viewed the case as a straightforward application of the Howey test, suggesting that there is no manifest conflict in legal opinions.
3. Potential Outcomes: Ripple emphasizes that even if the SEC secures a win with the appeal, unresolved issues and defenses still remain, indicating a protracted legal affair.
4. Concerns Over Fragmented Appeals: Ripple expresses concerns over the possibility of multiple piecemeal legal skirmishes if the SEC’s appeal request is heeded, complicating the legal landscape.
Ripple’s opposition and the opinions of legal experts indicate that the company is in a favorable position, regardless of the immediate results. Jeremy Hogan suggests that if the appeal is allowed, Ripple can present its “contractual obligations” argument to a larger audience, potentially setting strong precedents. XRP community attorney, John E Deaton, clarifies that allowing the SEC to file a formal motion does not guarantee permission to appeal. At present, XRP’s price is down by 2.8% in the last 24 hours, trading at $0.5926.
Hot Take
Ripple’s strong opposition to the SEC’s interlocutory appeal and the support from legal experts indicate that Ripple is well-positioned to advance its arguments. If granted the appeal, Ripple may have the opportunity to highlight key issues on a larger stage, potentially setting strong precedents.
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