- Despite permission, SEC hasn’t been authorized to make an interlocutory appeal against Ripple.
- Ripple stands firm against the SEC’s appeal, emphasizing no “extraordinary circumstance” justifies the appeal.
Unpacking the SEC’s Recent Motion
As the legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, the latest development sees US District Judge Analisa Torres approving the SEC’s request to propose a motion for interlocutory appeal. This move, however, doesn’t constitute an immediate green light for the appeal, but rather an allowance to request it.
In the complex realm of the blockchain and the ever-evolving regulations surrounding it, such subtleties matter immensely. To elucidate, while the SEC has been given the nod to file this motion as of August 18, Ripple will have until September 1 to counteract with an opposition. Should Ripple oppose, the SEC must then reply by September 8.
Distinguishing Permission from Authorization
Blockchain expert and lawyer, James K. Filan, keenly emphasized that Judge Torres’s decision isn’t an outright approval of the SEC’s appeal. The court has merely provided the SEC an avenue to request the interlocutory appeal. The road to actual appeal is a tad more convoluted. Should Judge Torres endorse the SEC’s appeal, the baton is then passed to the Second Circuit, which will determine the final fate of the appeal’s viability.
Decoding the Ripple Response
Revisiting the SEC’s initial plea for the interlocutory appeal, Ripple was quick to articulate its reservations. The premier blockchain enterprise was forthright in its belief that there existed no significant reasoning that would warrant an deviation from the norm – which requires a comprehensive resolution of all issues before an appeal. They were assertive in highlighting that the July 13 verdict lacked any guiding legal query.
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Despite Ripple’s vocal resistance, there are experts like pro-XRP lawyer John Deaton who infer that Judge Torres’s consent for the SEC to file an interlocutory appeal could be a strategic move. Such a tactic, according to Deaton, would provide the judge with a platform to robustly defend her prior July 13 ruling, thereby strengthening its stance against any future appeals.
At the heart of this intricate legal tussle is Judge Torres’s ruling concerning Ripple’s XRP sales. The court previously deduced that while Ripple’s programmatic XRP sales and other distributions were not securities, its past sales of XRP to institutional entities were. This subtle distinction is pivotal and is bound to shape the contours of the blockchain regulatory landscape in the days to come.
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