- SEC’s decision to file an interlocutory appeal in the Ripple lawsuit has sparked controversy among lawyers.
- Leading immigration lawyer, Greg Beuke, insists that the SEC’s move shows a deep misunderstanding of the court’s verdict.
Deciphering the SEC’s Ripple Lawsuit Move
Amidst the whirlwind of cryptocurrency news, the Securities and Exchange Commission (SEC)’s recent move to file an interlocutory appeal in the Ripple lawsuit has garnered significant attention. Their request urges Judge Analisa Torres to review her decision on Ripple’s programmatic sales of XRP, which she designated as non-securities.
This move by the SEC has divided legal experts. While some support the commission’s right to seek this appeal, others, like prominent immigration lawyer Greg Beuke, see it as a grave error.
The SEC’s Apparent Misinterpretation
Beuke’s perspective hinges on his belief that the SEC has misread Judge Torres’ stance. He emphasizes that Torres never explicitly stated that XRP sales on digital exchanges couldn’t be deemed as investment contracts. Instead, she pointed out the SEC’s inability to prove that an average retail investor would believe their profits were hinging on Ripple’s actions.
Beuke calls out the SEC for forming a viewpoint based on selectively chosen statements from Ripple and its staff, while failing to provide substantial evidence to validate its perspective. This lack of concrete evidence, especially given the affidavits collected by Attorney John Deaton from XRP holders, played a pivotal role in Torres’ judgment.
Pitfalls of an Interlocutory Appeal
Terming the SEC’s choice as a “colossal strategic misstep,” Beuke believes that the SEC would have been better off appealing post the final ruling of the case. Such an approach, according to him, offers the appealing party a more favorable position to understand the ruling and bolster their case. A subsequent benefit is that the initial court does not get a chance to elaborate on the reason behind its decision.
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By opting for an interlocutory appeal, the SEC has, in essence, provided Judge Torres the opportunity to reinforce her decision, emphasizing that the SEC did not sufficiently prove its case.
Moreover, Beuke accentuates that during an appeal, no fresh evidence or arguments can be presented. This leaves the SEC with limited resources to emphasize their viewpoint regarding the beliefs of retail XRP purchasers. And even if the Second Circuit were to agree with the SEC’s theory, they would invariably reference Judge Torres’ ruling that rests on an “uncontested factual record.”
The underlying implication? The SEC’s hasty appeal may have inadvertently weakened its position in the ongoing Ripple saga.
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