SEC’s XRP Showdown: Lawyers Warn of Misstep in Regulatory Battle
• The SEC has filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13.
• Ripple and its executives have argued that the ongoing case should not be stopped for the appeal to take place, instead both should take place concurrently.
• Immigration lawyer Greg Beuke argued that the SEC failed to understand that it did not provide enough evidence to prove that XRP is a security.
SEC vs Ripple Regulatory Showdown
The United States Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal for the summary judgment issued by District Judge Analisa Torres on July 13. This move could potentially alter the course of this ongoing legal battle between Ripple and its executives versus the regulatory agency. On one hand, Ripple wants both the appeal and case to continue in parallel while, on the other hand, SEC wants only its motion for an appeal approved.
Ripple’s lawyers argue that there should be no exception made for their case, and Brad Garlinghouse and Chris Larsen have said they believe even if the court grants SEC’s right to appeal, then too, the case should continue with both running in parallel. CTO David Schwartz recently explained this further stating: “But there is an exception for unusual cases, and the SEC is arguing that this is one of those unusual cases where an exception should be made and the regular proceedings should stop until the appeal is complete.“
Immigration Lawyer’s Opinion
An immigration lawyer Greg Beuke opines that filing such an interlocutory appeal was a huge blunder on part of SEC as it failed to understand that last month’s ruling did not determine whether sales over crypto exchanges can constitute investment contracts or not. Instead, he believes that more evidence needs to be presented by legal team of SEC which proves XRP sales over exchanges are indeed investment contracts. He also pointed out how SEC didn’t use any testimony from JohnEDeaton1’s affidavits from XRPCommunity as well as failing to provide proof of even a single XRP holder who relied upon Ripple team to increase price of XRP.
It remains now up to court whether it approves motions already presented by both parties or not which could change entire verdict of this ongoing legal drama between two sides involved-the United States Securities and Exchange Commission (SEC) & Ripple Labs Incorporated with its executives namely Brad Garlinghouse & Chris Larsen .