Franklin

United

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 Lawyer Oscar Franklin Tan believes that if the appeal is allowed, whoever wins will build momentum in the main case. 
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 As the United States Securities and Exchange Commission (SEC) seeks an interlocutory <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> in its case against Ripple Labs, <a rel="noopener noreferrer nofollow" title="lawyer" href="https://thebittimes.com/tag/lawyer.html">lawyer</a>s working in the crypto space expressed confidence in Ripple’s case, with some underscoring that the XRP (XRP) token is not a <a rel="noopener noreferrer nofollow" title="security" href="https://thebittimes.com/tag/security.html">security</a>.&nbsp; 
 On Aug. 9, the SEC sent a letter to Judge Analisa Torres stating that it was moving to appeal the court decision, which it says&nbsp;warrants a fresh look by an appellate court. The SEC asked the judge to put the case on hold while the appeal is in progress. 
 The SEC’s move to appeal sparked questions among community members, with some thinking that the SEC’s move to appeal is a move to challenge the “non-security” status of XRP. However, crypto lawyers assured the community that this is not the case. 
 According to crypto lawyer Jeremy Hogan, the two issues are separate. Hogan explained that if the SEC wins the appeal on the sales, Ripple would not be able to facilitate sales using exchanges. Despite this, the lawyer believes that exchanges could keep XRP listed as long as the sales are not made by Ripple. 
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 <figcaption style="text-align: center;"> Hogan’s thoughts on the Ripple case. Source: X (Twitter) 
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 Cointelegraph reached out to crypto <a rel="noopener noreferrer nofollow" title="lawyer" href="https://thebittimes.com/tag/lawyer.html">lawyer</a> Oscar Franklin Tan, chief legal officer of the nonfungible token (NFT) platform Enjin, to break down some of the intricacies surrounding the SEC’s move.&nbsp; 
 According to Tan, <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a>s usually take place once the case is finished. However, the SEC’s <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> is interlocutory, meaning it wants to <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> even though the case is unfinished. 
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 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 
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 When asked how this appeal could potentially influence the course of the case, Tan told Cointelegraph that it’s all about the momentum. He explained: 
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 “The SEC is asking to pause the XRP case while the interlocutory appeal goes on. If the appeal is allowed, whoever wins the appeal builds momentum in the main case.” 
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 While Hogan believes that the appeal will not affect XRP’s security status, Tan believes that this is still what the SEC is after. He thinks the SEC is still looking to overturn the July decision by Torres that XRP is not a security in certain instances. 
 Related: Ripple joins BIS cross-border payments task force 
 Tan also explained that at the moment, the SEC is using the conclusion in the Terraform Labs case against the judge in the XRP case. The crypto <a rel="noopener noreferrer nofollow" title="lawyer" href="https://thebittimes.com/tag/lawyer.html">lawyer</a> said that the SEC is arguing that a higher court should "break the tie" among the different conclusions. However, Tan believes that the SEC should let the court process proceed normally. He explained: 
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 “What the SEC should have done is to provide clearer guidance before taking anyone to court. Since Ripple and other parties decided to take the SEC to court to get this guidance, the SEC should let the court process proceed normally.”&nbsp; 
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 Meanwhile, Ripple’s chief legal officer Stuart Alderoty told the community to “stay tuned” and noted that Ripple will file its response with the court next week. 
 Magazine: SEC reviews Ripple ruling, US bill seeks control over DeFi, and more: Hodler’s Digest 
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‘XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appeal

TheBitTimes

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