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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripple-ceo-takes-a-stand-calls-secs-interlocutory-appeal-utter-nonsense/">Ripple CEO Takes a Stand: Calls SEC’s Interlocutory Appeal Utter Nonsense</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ripple’s response to the SEC’s anticipated interlocutory appeal is breaking headlines. Let’s take a detailed look at the unfolding events.</p> 
<h2 id="the-verdict-that-set-the-stage" data-name="the-verdict-that-set-the-stage" class="wp-block-heading"><strong>The Verdict That Set the Stage</strong></h2> 
<p>The legal battle between Ripple and the SEC over whether XRP should be classified as security led to a landmark ruling:</p> 
<ul> 
 <li><strong>Institutional Sales:</strong> These were deemed as securities under the Howey test.</li> 
 <li><strong>Programmatic Sales and Other Distributions:</strong> These were not considered securities.</li> 
</ul> 
<p>This unprecedented, bifurcated decision has now set the stage for the next phase of the legal battle: the SEC’s interlocutory appeal and Ripple’s filed opposition.</p> 
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   <p lang="en" dir="ltr">Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate / trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense. 1/2 <a href="https://t.co/pG7z0jsjlt" rel="noopener noreferrer nofollow">https://t.co/pG7z0jsjlt</a></p>— Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1691927226009235666?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 16, 2023</a> 
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<p><em>Also Read – </em><a href="https://coinpedia.org/news/ripple-vs-sec-saga-continues-ripple-files-opposition-to-regulatory-appeal/" rel="noopener noreferrer nofollow"><em>Ripple Vs SEC Saga Continues: Ripple Files Opposition to Regulatory Appeal</em></a></p> 
<h2 id="ripples-response-a-three-fold-opposition" data-name="ripples-response-a-three-fold-opposition" class="wp-block-heading"><strong>Ripple’s Response: A Three-Fold Opposition</strong></h2> 
<p>Eleanor Terret, a journalist at Fox Business, <a href="https://twitter.com/EleanorTerrett/status/1691913263217365487" rel="noopener noreferrer nofollow">broke the news of Ripple’s response</a>, outlining the company’s <a href="https://www.docdroid.net/kihuQOR/latest-file-3-pdf" rel="noopener noreferrer nofollow">opposition letter</a> on the following grounds:</p> 
<ul> 
 <li><strong>No Controlling Question of Law: </strong>The Court’s Order doesn’t hinge on a pivotal legal question.</li> 
 <li><strong>No Substantial Ground for Difference of Opinion:</strong> According to Ripple, there’s no disagreement that justifies the appeal.</li> 
 <li><strong>No Benefit to Immediate Appeal:</strong> An immediate appeal is seen as futile in advancing the case.</li> 
</ul> 
<h2 id="legal-minds-analyze" data-name="legal-minds-analyze" class="wp-block-heading"><strong>Legal Minds Analyze</strong></h2> 
<p>James K. Filan, a defense lawyer, emphasized the <a href="https://twitter.com/FilanLaw/status/1691921878137401705" rel="noopener noreferrer nofollow">significance of Ripple’s opposition</a> to the appeal. Meanwhile, Jeremy Hogan, another lawyer following the case, <a href="https://twitter.com/attorneyjeremy1/status/1691917796534567396" rel="noopener noreferrer nofollow">considered Ripple’s arguments solid</a> but left room for the appeal to open new legal doors.</p> 
<p>John Deaton, the founder of CryptoLawUS, <a href="https://twitter.com/JohnEDeaton1/status/1691918359292420137" rel="noopener noreferrer nofollow">lauded Ripple’s response</a>, hinting at the influence of the Rakoff ruling on the decision and predicting Judge Torres might deny the SEC’s request.</p> 
<p><em><strong>Also Read – </strong></em><a href="https://coinpedia.org/news/institutions-acquire-xrp-for-commercial-reasons-not-for-investments-ripple-must-appeal/" rel="noopener noreferrer nofollow"><strong><em>Institutions Buy XRP for Business, Not Investment: Bill Morgan Urges Ripple to Appeal SEC Ruling</em></strong></a></p> 
<h2 id="ripple-executives-stand-firm" data-name="ripple-executives-stand-firm" class="wp-block-heading"><strong>Ripple Executives Stand Firm</strong></h2> 
<p>Stuart Alderoty, CLO of Ripple <a href="https://twitter.com/s_alderoty/status/1691917112019960288" rel="noopener noreferrer nofollow">expressed unyielding defiance against the SEC’s appeal</a>. And then there’s Ripple’s CEO, Brad Garlinghouse, standing strong in the face of adversity, <a href="https://twitter.com/bgarlinghouse/status/1691927226009235666" rel="noopener noreferrer nofollow">calling the SEC’s claims “utter nonsense.”</a> That’s the kind of backbone you don’t often see.</p> 
<p>Now, why should you care about a legal tiff between Ripple and the SEC? Because this isn’t just about XRP or digital assets. This is a story about overreach and pushing back. It’s a lesson in how the government reacts when something new challenges the status quo.</p> 
<p>If Ripple’s successful, it won’t just be a win for them or for XRP holders. It’ll be a victory for innovation, and a slap in the face to the bureaucracy that too often stifles creativity and entrepreneurship.</p>

Ripple CEO Takes a Stand: Calls SEC’s Interlocutory Appeal Utter Nonsense

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