Have you been tracking the progress of the Ripple SEC Lawsuit? A recent update reveals the latest twists and turns in this high-stakes legal battle. The information was relayed by James K. Filan, an ex-federal prosecutor and a keen Ripple follower.
A Glimpse into the Recent Court Proceedings
The court has outlined a briefing schedule for the SEC’s application to submit a motion for leave to file an interlocutory appeal, according to Filan’s update. This, however, does not mean that the court has approved an interlocutory appeal. It merely indicates that the SEC has the green light to submit a request for one.
An order dated August 17 reveals that the court has reviewed the letters submitted by the parties on August 9 and 16 and has made its decision. The SEC’s request to file a motion for leave to file an interlocutory appeal has been granted. The SEC is expected to file its motion by August 18, 2023, with the defendants anticipated to submit their opposition papers by September 1. The SEC’s response is expected by September 8.
Reactions from the Crypto Community
The most recent development in the Ripple SEC Lawsuit has sparked varied responses from the crypto community. Some have interpreted this to mean that the SEC has been permitted to file an interlocutory appeal. However, John Deaton, the attorney representing XRP holders, wasn’t particularly surprised by this development. He had earlier forecasted that the judge would grant the SEC the right to file a formal motion for an interlocutory appeal.
Deaton clarified that this is simply a premotion letter, not the actual motion. He compared it to a premotion letter he submitted requesting permission to file a motion to intervene in the Ripple lawsuit. Deaton emphasized that the approval of the premotion letter doesn’t guarantee that the underlying motion will be granted.
What Lies Ahead?
Deaton anticipates that Judge Torres will reject the SEC’s formal motion for an interlocutory appeal. He believes this would allow her to explain her reasons and highlight why the judge in the Terra case misinterpreted her ruling. The founder of CryptoLaw estimates that her ruling will take another three to six months.
Previously, on August 9, the SEC submitted a letter outlining its reasons for filing a Motion for Leave to file an interlocutory appeal concerning programmatic offers and sales to XRP buyers over trading platforms and other distributions. The SEC also requested a stay of all proceedings pending appeal. Ripple, along with its executives Brad Garlinghouse and Chris Larsen, responded on August 16 by opposing the SEC’s anticipated motion for leave to file an interlocutory appeal.
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