Ripple Vs SEC Lawsuit: How Ripple Might Respond to SEC’s Appeal; Insights from a Legal Expert
The post Ripple Vs SEC Lawsuit: How Ripple Might Respond to SEC’s Appeal; Insights from a Legal Expert appeared first on Coinpedia Fintech News
The SEC has petitioned Judge Torres for the certification of an interlocutory appeal concerning XRP’s legal ruling. Famous lawyer and crypto enthusiast MetaLawMan recently shared that he believes Ripple will oppose SEC’s motion to certify the appeal.
Weighing Ripple’s Choices
Upon inspecting the SEC’s proposition, Ripple has a few conceivable routes, said MetaLawMan. Initially, the company might outright challenge the appeal certification.
By doing so, they can argue that the judgment in their favor is evident. Thus, seeking a second interlocutory appeal to further validate it seems unnecessary, especially given the looming appeals post the trials of Garlinghouse & Larsen.
SEC/Ripple, Interlocutory Appeal analysis
This post will address what I see as Ripple’s options in responding to the SEC’s request to Judge Torres for certification of an interlocutory appeal.
Option 1: Oppose the motion to certify the appeal.
Ripple could say that the… https://t.co/cMVhARiR79
— MetaLawMan (@MetaLawMan) August 10, 2023
According to the lawyer, another possible reaction from Ripple might be a nod of agreement toward the SEC’s motion. Even though this stance appears contradictory, it’s not entirely unthinkable.
After all, future appeals in the case are almost inevitable. The crux of the matter then becomes the timing: should the appeals begin immediately or be postponed until after Garlinghouse & Larsen’s trial?
Furthermore, there exists an intriguing middle ground, said MetaLawMan. Ripple might give the green light for an interlocutory appeal, provided that the SEC’s lone victory claim concerning Institutional Sales is also up for a counter-appeal.
MetaLawman says if this plays out and the 2nd Circuit overturns the SEC’s triumph regarding the Institutional Sales claim, both parties could dodge the hassle of a penalty phase, rendering a trial unnecessary.
MetaLawMan’s Projection
Drawing from his expertise, MetaLawMan predicts that Ripple is poised to adopt the first approach, rejecting the interlocutory appeal. This conviction stems from multiple grounds.
Ripple doesn’t wish to concede any ground, suggesting that a debate exists over Judge Torres’ decision. They assert that the verdict on XRP’s secondary market sales aligns perfectly with longstanding legal precedents.
While a slim chance, new legislation surrounding crypto might be on the cards, which could redefine XRP’s original Institutional Sales, distancing them from conventional securities transactions, according to MetaLawMan.
Filed under: Bitcoin - @ August 11, 2023 5:11 am