Promise

Circuit

James

Bold

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripple-vs-sec-sec-has-no-right-to-appeal-in-ripple-case-says-ripples-clo/">Ripple Vs SEC: SEC has No Right to Appeal in Ripple Case, Says Ripple’s CLO</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In the ever-twisting legal battle between the Securities and Exchange Commission (SEC) and Ripple, a new chapter has emerged that is gripping the crypto community’s attention. The SEC has filed a letter outlining its intent to seek an interlocutory appeal regarding “Programmatic” offers and sales to XRP buyers. This move has sparked reactions from legal minds, journalists, and Ripple executives alike.</p> 
<h2 id="secs-bold-move-an-interlocutory-appeal" data-name="secs-bold-move-an-interlocutory-appeal" class="wp-block-heading"><strong>SEC’s Bold Move: An Interlocutory Appeal</strong></h2> 
<p>The SEC’s decision to seek an interlocutory appeal is not unexpected but is known to be notoriously tricky to get approved. The appeal would pertain specifically to programmatic offers and sales to XRP buyers, and not whether XRP itself is a security.</p> 
<p>According to James K Filan, a defense lawyer, and former Federal Prosecutor, the SEC will also ask to stay the judgment pending its appeal, potentially setting the stage for an “epic battle” between the parties.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> <a href="https://twitter.com/hashtag/SECGov?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SECGov</a> v. <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> 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.”…</p>— James K. Filan 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ee-1f1ea.png" alt="🇮🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@FilanLaw) <a href="https://twitter.com/FilanLaw/status/1689387153812230144?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 9, 2023</a> 
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<h2 id="legal-experts-weigh-in" data-name="legal-experts-weigh-in" class="wp-block-heading"><strong>Legal Experts Weigh In</strong></h2> 
<p>Several legal experts have shared their insights on this move, pointing to the complexity of interlocutory appeals and the hurdles the SEC must overcome.</p> 
<p>Eleanor Terrett, a journalist at Fox Business, noted that the SEC would need blessings from both Judge Torres and the Second Circuit for the appeal to be granted.</p> 
<p>Former Lawyer Scott Chamberlain <a href="https://twitter.com/scotty2ten/status/1689464541036326912" rel="noopener noreferrer nofollow">expressed his belief</a> that Judge Torres would deny the request, citing that she avoided new law in her ruling and that the SEC’s failure was due to undisputed facts rather than shifting legal definitions.</p> 
<p>Australian lawyer Bill Morgan urged Ripple’s CLO, Stuart Alderoty, to hit the SEC hard and reminded him of the SEC’s own formulation of different categories that Judge Torres ruled on.</p> 
<h2 id="ripples-response-a-promise-of-retaliation" data-name="ripples-response-a-promise-of-retaliation" class="wp-block-heading"><strong>Ripple’s Response: A Promise of Retaliation</strong></h2> 
<p>Ripple has not taken this move lightly. Stuart Alderoty, CLO at Ripple, emphasized that the SEC does not have the “right” to appeal just yet, and Ripple will file its response with the court next week.</p> 
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   <p lang="en" dir="ltr">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. <a href="https://t.co/zCeVZhYfxc" rel="noopener noreferrer nofollow">https://t.co/zCeVZhYfxc</a></p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1689400889046667264?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 9, 2023</a> 
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<p><strong>A Questionable Decision by the SEC?</strong></p> 
<p>Some have voiced concerns over the SEC’s decision to request an interlocutory appeal, labeling it as questionable. Lawyer Jeremy Hogan <a href="https://twitter.com/attorneyjeremy1/status/1689391038954123264" rel="noopener noreferrer nofollow">noted</a> that the appeal is not regarding whether XRP itself is security but its losses on programmatic and individual sales issues.</p> 
<p><em>Also Read – </em><a href="https://coinpedia.org/news/ripple-vs-sec-case-heads-to-jury-trial-in-2024-key-facts-what-you-need-to-know/" rel="noopener noreferrer nofollow"><em>Ripple Vs SEC Case Heads to Jury Trial in 2024: Key Facts &amp; What You Need to Know</em></a></p>

Ripple Vs SEC: SEC has No Right to Appeal in Ripple Case, Says Ripple’s CLO

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