SNEAK PEEK
- SEC challenges Ripple’s “Programmatic” offers during the ongoing lawsuit.
- Experts criticize SEC’s focus, not questioning XRP’s security status.
- Ripple prepares a counter-response and disputes SEC’s appeal rights.
In a significant turn of events, the U.S. Securities and Exchange Commission (SEC) officially outlined its intentions regarding a controversial interlocutory appeal against Ripple. Based on reports, the regulatory body explicitly focuses on the “Programmatic” offers and sales extended to XRP buyers via trading platforms and Ripple’s “Other Distributions.”
An interlocutory appeal, to elucidate, is an appeal of a non-final judgment rendered during a lawsuit’s progression. Essentially, the SEC is challenging specific court decisions made during the Ripple case before the case has concluded.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”…
— James K. Filan ???? (@FilanLaw) August 9, 2023
On the other hand, seasoned attorney, James K. Filan, noted that the SEC’s move to request a stay on all proceedings during the appeal phase isn’t surprising. Previously, Filan had predicted this maneuver, stating that if the SEC ever decided to appeal, it would ask the court to stall any enforcement of the judgment until the appeal concludes.
Per the reports, this potential standoff between Ripple and the SEC is shaping up to be an epic legal confrontation, significantly impacting the fate of the cryptocurrency. Consequently, this case’s ripple effect (no pun intended) on the crypto world cannot be understated.
AND… the SEC continues making questionable decisions, requesting an interlocutory appeal.
Note that it is NOT appealing whether XRP itself is a security – just its losses on the programmatic and individual sales issues. https://t.co/GziVLp23mT
— Jeremy Hogan (@attorneyjeremy1) August 9, 2023
Besides the direct parties involved, experts like Jeremy Hogan have weighed in, pointing out the SEC’s questionable strategy. Significantly, Hogan emphasized that the SEC isn’t challenging the status of XRP as a security but rather concentrating on issues related to programmatic and individual sales.
Moreover, Ripple’s management remains unfazed. Stuart Alderoty, a leading figure at Ripple, clarified that the SEC currently doesn’t possess the “right” to appeal directly. Hence, their motion is primarily to seek permission for the appeal. According to him, Ripple is expected to present its counter-response to the court next week.
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
In conclusion, the evolving legal battle between the SEC and Ripple continues to captivate and confound industry experts. The interlocutory appeal is the latest in a series of maneuvers that promise to shape the future of crypto regulations and Ripple’s place within it.