HomeNewsRipple SEC Lawsuit Update: SEC Expected to File Premotion Letter Today

Ripple SEC Lawsuit Update: SEC Expected to File Premotion Letter Today

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  • Court grants SEC permission to request an interlocutory appeal in the Ripple lawsuit.
  • John Deaton, XRP holders’ attorney, anticipates the ruling on the appeal might take an additional 3-6 months.

The Ongoing Ripple Legal Drama

The legal tussle between Ripple and the Securities and Exchange Commission (SEC) has witnessed another significant twist. James K. Filan, an erstwhile federal prosecutor and Ripple aficionado, divulged the newest developments of this lawsuit on X (previously known as Twitter). As per the recent information, the court has delineated a briefing itinerary for the SEC’s plea to initiate a motion for the permission to file an interlocutory appeal. To clarify the legal jargon, this doesn’t indicate that the interlocutory appeal has been officially sanctioned. It solely grants the SEC the right to propose it.

Following a review of the correspondences submitted by both parties on August 9 and 16, the court, in its order dated August 17, gave its verdict. As outlined in the legal documents, the SEC’s plea for the permission to lodge an interlocutory appeal received the court’s nod. On this day, August 18, 2023, the SEC is slated to present its motion. The defendants, on their end, are scheduled to counteract with their opposing documents by September 1. By September 8, a response from the SEC is anticipated.

The Crypto Community’s Reaction

This recent pivot in the Ripple vs. SEC lawsuit has generated a diverse spectrum of responses from the crypto world. A segment of the community interpreted this to mean the SEC has been greenlit to file the interlocutory appeal.

However, John Deaton, the legal representative for XRP holders, wasn’t particularly startled by the unfolding. He had pre-emptively speculated that the presiding judge would accede to the SEC’s aspiration of filing an official motion for an interlocutory appeal. Elaborating on this, Deaton noted that the SEC’s submission for today is merely a premotion letter, a precursor, not the substantive motion. By analogy, he drew parallels with a premotion letter he had previously submitted, seeking authorization to interject in the Ripple lawsuit. It’s crucial to understand that the approval of a premotion letter doesn’t guarantee the endorsement of the consequent motion.

Deaton harbors hopes that Judge Torres will decline the SEC’s formal motion for the interlocutory appeal. He anticipates that this would provide her with an opportunity to elucidate her reasoning and highlight discrepancies in the judge’s discernment in the Terra case related to her judgment.

Flashback to Earlier Developments

For context, on August 9, the SEC elucidated its rationale behind seeking permission for an interlocutory appeal concerning offers and sales to XRP consumers across various platforms. Ripple, on August 16, retorted vehemently by objecting to the SEC’s forthcoming motion.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628