- 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.
The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned. https://t.co/zCeVZhYfxc
— Stuart Alderoty (@s_alderoty) August 9, 2023
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.
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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.
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