SEC’s Desperate Bid
The SEC sought approval for an interlocutory appeal after a ruling that Ripple’s sales of XRP did not violate securities law. However, the crypto community sees this as a desperate move by the SEC. Ripple argues that the agency hasn’t met the prerequisites for an appeal and emphasizes XRP’s utility as a bridge currency for cross-border transactions.
Alderoty’s Highlighted Footnote
Ripple’s Chief Legal Officer, Stuart Alderoty, points out Footnote 5, which debunks the SEC’s claim that XRP has no inherent value. Alderoty emphasizes its utility as a bridge currency, suggesting that the SEC either misunderstands digital assets or is intentionally ignorant.
Crypto Community Reacts
Crypto Twitter reacts to the documents, with Cowboy Crypto criticizing the SEC’s lack of allegiance to the law and raising concerns about its credibility. Lawyer Jeremy Hogan likens the SEC’s case to a mutt with unclear lineage and intentions, making their appeal a difficult task.
SEC’s Response Deadline
The SEC has until September 8 to respond to Ripple’s filing. The question now is whether the SEC can present a compelling counterargument or find themselves stuck in legal limbo.
Hot Take
The SEC’s request for an interlocutory appeal in the Ripple case seems desperate and lacking in strong grounds. Ripple stands firm in emphasizing XRP’s value and utility. It remains to be seen how the SEC will respond and whether they can make a convincing argument.
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