- Judge Analisa Torres delivers a blow to SEC by rejecting their motion for an interlocutory appeal in the Ripple case.
- Expert analyses suggest that, given the current legal landscape, SEC’s prospects for a successful appeal are dwindling.
Drawing from a recent tweet by Jeremy Hogan @attorneyjeremy1, the ongoing SEC vs. Ripple legal battle has taken another twist. Judge Analisa Torres declined the SEC’s motion for an interlocutory appeal.
The SEC's motion for interlocutory appeal DENIED.
Which means, the case either goes to trial in April, or goes away.
AND, this Order allowed the Judge to explain parts of her ruling even better, making appeal that much harder for the SEC to win.
Disaster for the agency. https://t.co/y1Gz8LolrG pic.twitter.com/hkktKMD4Ut
— Jeremy Hogan (@attorneyjeremy1) October 4, 2023
Legal expert Scott Chamberlain, breaking down the intricacies of the case, stated,
“Now it has to push sht uphill with a pointy stick if it wants to win.”
This metaphor aptly captures the herculean challenge the SEC now faces. Chamberlain suggests that the case may avoid the Supreme Court spotlight, as the SEC wrestles with a factual backdrop that weakens its appeal stance. The Ripple community and legal experts have been vocal post the recent developments. Among those commenting are Fred Rispoli and Attorney Jeremy Hogan of Hogan & Hogan law firm, with Hogan giving a nod to Chamberlain’s remarks.
Dissecting Judge Torres’ Decision
Judge Torres, in her recent pronouncement against the SEC’s interlocutory appeal, clarified that the prior July 13 ruling didn’t encompass overarching legal questions as argued by the SEC. She articulated that the ruling didn’t inherently lead to varied interpretations. Further, the SEC didn’t sufficiently illustrate substantial reasons to show varied opinions on the matter. As a result, the immediate appeal was negated. This implies the SEC will have to patiently see through the lawsuit’s remaining aspects, notably the forthcoming trial, before pursuing a full appeal.
Judge Torres’ Ruling: The Unchanged Standpoint
Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted the steadfast nature of Judge Torres’ July 13 decision, terming it the prevailing “law of the land.” On this day, the verdict was unequivocal: XRP isn’t inherently a security. The judge discerned between Ripple’s institutional sales of XRP, which were seen as investment contracts, and programmatic sales and other distributions, which were not. This resolution will remain definitive unless overturned by the SEC in the Second Circuit or the Supreme Court.
From the prevailing legal developments, it seems the SEC’s avenues to appeal are narrowing. If the lawsuit continues in this direction, providing clarity and favoring Ripple, it might pave the way for an XRP price surge. The market has historically shown positive reactions to favorable legal outcomes, and this case might be no exception.
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