Pro- XRPย Rippleย (XRP) Lawyers React to SECโs Filing for Interlocutory Appeal
According to prominent XRPย Rippleย (XRP) lawyer John E. Deaton, the recent filing by the Unitedย States Securities and Exchange Commission (SEC) toย facilitate its motion for an interlocutory appeal is a โprofessional embarrassment.โ Deaton argues that it is the SEC, not Ripple, that is prolonging the lawsuit and wasting judicial resources. He believes that even if the appeal is granted, the SEC will fail to prove why XRPย Rippleย (XRP) is a security, as it has already failed to meet the Howey Testโs third prong. Inย addition, dragging Ripple executives into the lawsuit was a mistake for the SEC.
Lawyer Bill Morgan likewise criticizes the SEC, stating that Judge Torres never concluded that there can be no investment contract without direct contact between the issuer and the investor. Retired securities lawyer Marc Fagel and attorney Fred Rispoli believe the odds are against granting the SECโs request for an interlocutory appeal.
Hot Take
The SECโs filing for an interlocutory appeal in the Ripple case has drawn strong criticism from pro- XRPย Rippleย (XRP) lawyers. They argue that the SEC is to blame for prolonging the lawsuit and failing to prove that XRPย Rippleย (XRP) is a security. It remains to be seen whether Judge Torres will provides the SECโs motion, but even if she does, the lawyers believe that Ripple still has a strong case. This latest development outlines the contentious nature of the legal battle between Ripple and the SEC, and the outcome will have wholeย lotย of implications for the broader digitalย currency industry.
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