Pro- XRP Ripple (XRP) Lawyers React to SEC’s Filing for Interlocutory Appeal
According to prominent XRP Ripple (XRP) lawyer John E. Deaton, the recent filing by the United States Securities and Exchange Commission (SEC) to facilitate its motion for an interlocutory appeal is a “professional embarrassment.” 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 XRP Ripple (XRP) is a security, as it has already failed to meet the Howey Test’s third prong. In 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 SEC’s request for an interlocutory appeal.
The SEC’s filing for an interlocutory appeal in the Ripple case has drawn strong criticism from pro- XRP Ripple (XRP) lawyers. They argue that the SEC is to blame for prolonging the lawsuit and failing to prove that XRP Ripple (XRP) is a security. It remains to be seen whether Judge Torres will provides the SEC’s 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 whole lot of implications for the broader digital currency industry.
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