Ripple vs SEC: What SEC’s request for an Interlocutory Appeal means…
- On 9 August, the SEC filed a letter requesting for Interlocutory Appeal with regard to its ongoing battle with Ripple.
- Ripple’s Chief Legal Officer responds, states Ripple will file its response in the coming week.
On 9 August, AMBCrypto reported that Judge Torres issued a Pretrial Scheduling Order. Mere hours later, attorney James K Filan reported that the SEC filed a letter in court. The filed letter outlined the basis of the SEC for filing a Motion for Leave to File an Interlocutory Appeal with regard to sales of XRP.
#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
To give context, an interlocutory appeal is an appeal of a non-final order issued during the course of litigation.
Adding fuel to the fire
Attorney Jeremy Hogan took to X (formerly known as Twitter) and questioned the SEC’s latest decision. He also clarified the SEC’s intent behind filing for the appeal.
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
Although Ripple’s CEO Brad Garlinghouse had no response to the SEC’s latest move, the payment provider’s Chief Legal Officer responded.
Stuart Alderoty took to X (formerly known as Twitter) to respond to the SEC’s letter. As per the Ripple executive, the SEC doesn’t have the right to appeal which justified the SEC seeking permission to file the interlocutory appeal.
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
His response also stated that Ripple would be filing its response next week.
At the time of writing, Ripple was back in X’s (formerly known as Twitter) list of trending topics. Additionally, XRP made some strides and was trading 0.45% higher in the last hour. Furthermore, the altcoin’s price action of the last 24 hours was also up by 2.77% as per data from CoinMarketCap.