The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has taken another turn with Ripple’s opposition to the SEC’s motion for an interlocutory appeal. In a recent tweet, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that there are no extraordinary circumstances that would justify departing from the rule requiring all issues to be resolved before an appeal.
Ripple’s opposition to the motion for an interlocutory appeal raises several nuanced arguments. Firstly, Ripple questions the nature of the SEC’s appeal, suggesting that it does not raise a “pure” legal question but instead delves into the application of the Howey test to specific facts. This challenges the foundation of the SEC’s appeal and implies that it may be built on shaky ground.
Another key point of opposition from Ripple is the SEC’s changing position on the case. Ripple highlights that the SEC initially viewed the case as a straightforward application of the Howey test, and it is only now, after a court’s interpretation, that there appears to be a conflict in legal opinions. Ripple cites other cases, such as Terraform Labs and Zakinov, to support their argument that there is no manifest conflict in legal opinions as the SEC suggests.
Furthermore, Ripple emphasizes that even if the SEC were to secure a win in their appeal, it would not conclude the litigation. There are still unresolved issues, including Ripple’s fair notice defense and the question of damages, which could prolong the legal proceedings.
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Ripple’s opposition also raises concerns about the consequences of entertaining the SEC’s request for an interlocutory appeal. They express worries about fragmented appeals and the complications that multiple piecemeal legal skirmishes could bring to the legal landscape.
Despite the immediate results of their opposition, Ripple appears to be in a favorable position. Legal expert Jeremy Hogan suggests that Ripple’s opposition presents solid arguments against allowing the appeal. However, he also highlights that if the appeal is allowed, Ripple could have the opportunity to present their “contractual obligations” argument at the 2nd District Court of Appeals, potentially leading to influential amicus briefs.
It is important to note the XRP price has experienced a 2.8% decrease in the last 24 hours, trading at $0.5926. However, this does not diminish Ripple’s strong position in their legal battle with the SEC.
In conclusion, the legal battle between Ripple and the SEC continues to unfold, with Ripple opposing the SEC’s motion for an interlocutory appeal. Ripple’s opposition raises various arguments challenging the nature of the appeal, highlighting the SEC’s changing position, and emphasizing the potential complications and unresolved issues that could arise even if the SEC were to win the appeal. Despite the immediate market impact, Ripple appears to be well-positioned to advance their arguments and potentially set strong precedents in the legal arena.
