Ongoing Legal Battle Between Ripple and SEC: SEC Granted Request for Interlocutory Appeal
The recent development in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is a significant milestone, as Judge Torres has granted the SEC’s request to file an interlocutory appeal. This decision allows the regulatory body to present its arguments before the appellate court. Here are the key points:
– SEC’s Opportunity: The SEC now has the opportunity to challenge the previous ruling by Judge Rakoff and seek a different outcome.
– Responsibility of SEC: The SEC must provide robust justifications to support their appeal to Judge Torres.
– Timeline for Appeal: The SEC is required to file its motion by August 18, and Ripple and its defendants will have the opportunity to file their opposition papers by September 1. The SEC will then have until September 8 to file a reply if necessary.
Ripple CEO and CLO Respond to SEC’s Request for Appeal
Ripple CEO Brad Garlinghouse and Ripple’s CLO Stuart Alderoty have addressed the ongoing legal battle. Here are the key points:
– XRP’s Non-Security Status: Garlinghouse reiterated that XRP should not be considered a security, regardless of the appeal outcome. He criticized the SEC’s claim of recklessness and emphasized that the judge’s ruling on July 13 required evidence to support the claims against him and Chris Larsen.
– Opposition to Appeal: Alderoty argued that there are no extraordinary circumstances that warrant deviating from the usual rule requiring the resolution of all issues before an appeal can be considered.
Pro-XRP Lawyer Foresees an Intense Legal Battle
Pro-XRP lawyer John Deaton expressed his thoughts on the matter. Here are the key points:
– Categorization of Sales: Deaton noted that the SEC’s categorization of different sales was not determined by Judge Torres.
– Potential Outcome: Judge Torres could potentially deny the motion for interlocutory appeal and offer an explanation for her decision, potentially prolonging the legal proceedings for another 3-6 months.
Hot Take
The granted request for an interlocutory appeal provides the SEC with an opportunity to challenge the previous ruling and potentially change the outcome. Ripple’s CEO and CLO strongly oppose the appeal, emphasizing XRP’s non-security status. The legal battle is expected to be intense and could prolong the proceedings for several more months.
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