In a New Twist, Judge Denies SEC’s Plea for Interlocutory Appeal
In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), U.S. District Judge Analisa Torres has denied the SEC’s request for an interlocutory appeal. This decision is seen as a setback for the SEC, which wanted an early appeal despite the upcoming trial involving Ripple’s top executives.
Insights from John Deaton
John Deaton, who closely follows the case, shared his thoughts in a recent interview with Thinking Crypto. He pointed out that interlocutory appeals are typically pursued without a pending trial, making the SEC’s request unusual.
Predictions Prove Wrong
Contrary to earlier predictions, Judge Torres rejected the SEC’s appeal request. Deaton acknowledged that this was a clear message to the SEC, as it failed to provide a substantial reason for the appeal, especially with a trial date already set.
Uncovering the SEC’s Strategic Error
Deaton explained that the SEC’s appeal attempt was based on Judge Raykoff’s decision in the TerraForm case, which was believed to contradict Judge Torres’s ruling in the Ripple case. However, this approach backfired and allowed Judge Torres to clarify her stance.
Community Interpretations and Clarifications
Earlier interpretations of Judge Torres’s ruling by the crypto community varied. Some saw it as an indication that XRP, when traded on an exchange, wasn’t considered a security, potentially impacting other tokens. However, Judge Torres clarified that her ruling did not categorically exclude a token from being deemed a security if sold on an exchange.
Setting the Stage for Trial
The denial of the SEC’s interlocutory appeal request highlights the regulator’s recent losses and sets the stage for the trial involving Ripple’s executives, scheduled for April 23, 2024. This decision is seen as a crucial step towards resolving uncertainties surrounding the regulatory status of cryptocurrencies.
Deaton’s Take on the Development
“It was just another SmackDown of Gary Gensler and the SEC,”
Deaton expressed his views on the ruling, emphasizing the SEC’s inconsistent approach to crypto cases and how this decision affirms Judge Torres’s earlier rulings.
Hot Take: The SEC Faces Another Setback in Ripple Case
In a new development in the ongoing legal battle between Ripple and the SEC, U.S. District Judge Analisa Torres has denied the SEC’s plea for an interlocutory appeal. This decision is seen as a setback for the SEC, which sought an early appeal before the trial involving Ripple’s top executives. John Deaton, closely following the case, believes this ruling sends a clear message to the SEC and highlights their strategic error. The denial of the appeal paves the way for the trial, scheduled for April 23, 2024, and signifies an important step in clarifying the regulatory status of cryptocurrencies.
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