HomeNewsCountering the Appeal: Ripple's Legal Chief Addresses SEC's Newest Action

Countering the Appeal: Ripple’s Legal Chief Addresses SEC’s Newest Action

- Advertisement -
  • Ripple’s Chief Legal Officer, Stuart Alderoty, comments on the SEC’s intention to file an “interlocutory” appeal.
  • The case between the SEC and Ripple is still ongoing, making the appeal unusual and subject to specific conditions.

Ripple Responds to SEC’s Interlocutory Appeal Attempt

Amid the swirling legal drama between the United States Securities and Exchange Commission (SEC) and Ripple, a notable voice has chimed in. Stuart Alderoty, Ripple’s Chief Legal Officer, recently commented on the SEC’s declared intention to appeal, a move that took place within the Southern District of New York.

- Advertisement -

This appeal comes with its peculiarities. Known as an “interlocutory” appeal, it’s an appeal during an ongoing case, not after its conclusion. Such appeals are unusual in the US civil procedure framework and only permissible under specific conditions, making this move by the SEC even more intriguing.

Unraveling the Legal Intricacies

The backdrop of this appeal is the ongoing legal battle between Ripple, a prominent US-based cross-border payment platform, and the SEC. As the case has not reached its conclusion, many were perplexed by the SEC’s choice to file an interlocutory appeal. This move’s atypical nature might lead to its rejection, depending on the specificities of the case.

>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<

- Advertisement -

In this context, Alderoty took to Twitter to clarify some misunderstandings. His position? The SEC, contrary to some opinions, doesn’t possess the inherent “right” to appeal at this juncture. Instead, they’re seeking permission for this special appeal type. Ripple, he mentioned, will formally respond to this SEC action in the coming week.

Earlier Predictions and Current Sentiments

Interestingly, the current legal maneuvers were somewhat foreseen. James K. Filan, a former federal prosecutor and defense attorney, had predicted such moves from the SEC in late 2022. He had responded to a query regarding Ripple’s operational status in the US, should they secure a favorable judgment.

Filan had mentioned that the SEC would likely request a stay on the judgment during its appeal, hinting at further intense legal clashes between the involved parties. This foresight has now been realized, underscoring the predictability of the SEC’s legal tactics from the outset.

XRP enthusiasts seem unfazed, drawing confidence from historical data indicating that no decisions made by Judge Torres (presiding over the Ripple case) have been overturned on appeal. In contrast, decisions by Judge Rakoff (overseeing a different SEC case) have faced reversals on multiple occasions.

The blockchain community watches eagerly, waiting for the next development in this precedent-setting case.

Best Crypto Exchange for Everyone:

  • Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img