Pro-XRP Lawyer Criticizes SEC’s Interlocutory Appeal Filing
After Judge Analisa Torres ruled that programmatic XRP sales were not securities, the SEC filed an interlocutory appeal, indicating their disagreement with the ruling. However, pro-XRP lawyer John Deaton finds this appeal laughable and dismantles the SEC’s argument.
The Irony of Interlocutory Appeal
In a post titled ‘The Irony of Interlocutory Appeal’, Deaton shares his thoughts on the SEC’s filing. He suggests that the appeal may actually work in favor of Ripple. According to Deaton, Judge Torres granting the motion for appeal gives her an opportunity to clarify her reasoning for ruling in favor of Ripple.
Deaton believes that Judge Torres will address statements made by Judge Rakoff, who presided over the SEC vs. Terraforms Labs lawsuit. This will allow her to differentiate between her actual ruling in the Ripple case and what Judge Rakoff claimed it to be.
Furthermore, Deaton points out that it was the SEC who categorized the different sales, not Judge Torres. She ruled based on what was presented to her during the case.
Implications of Victory for Ripple or the SEC
Deaton also explores the implications of victory for either Ripple or the SEC in the interlocutory filing. If the SEC wins, the case would go back to Judge Torres for further analysis using the Howey test. However, Deaton strongly believes that the regulator would not succeed in their appeal.
If Ripple emerges victorious, the case would still return to Judge Torres, but this time for trial. Deaton predicts more appeals on all issues addressed, leading to a prolonged legal battle.
Even if an early appeal is granted, the Ripple vs. SEC case could continue until 2025, dragging out the fight.
Hot Take: A Prolonged Legal Battle
The SEC’s interlocutory appeal filing has been met with criticism from pro-XRP lawyer John Deaton. He believes that the appeal may work in favor of Ripple, as it gives Judge Torres an opportunity to clarify her reasoning for ruling in favor of the company. Deaton also points out that the SEC was responsible for categorizing the sales in question, not Judge Torres. The implications of victory for either Ripple or the SEC in this filing are explored, with Deaton predicting a prolonged legal battle regardless of the outcome. This suggests that the Ripple vs. SEC case may continue well into 2025.
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