Stuart Alderoty, the Chief Legal Officer at Ripple, has responded to the appeal intention officially gestured by the United States Securities and Exchange Commission (SEC) via a letter with the Southern District of New York on Wednesday.
The SEC is seeking leave for an interlocutory appeal of Judge Analisa Torres’s summary judgment in the lawsuit against Ripple, the US-based cross-border payment firm.
Recall that the whole case is yet to be concluded, as Judge Torres recently ordered both parties to submit blackout dates for trial, which is why the SEC resorted to filing an interlocutory appeal.
An interlocutory appeal, in the law of civil procedure in the United States, occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.
This form of appeal is allowed only under specific circumstances, which is why it’s still uncertain whether the appeal will be approved. Ripple’s Chief Legal Officer also recently aired his opinion in this regard.
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SEC Has No Right to Appeal Just Yet
As expected, the SEC’s official intention to appeal became a widespread topic, giving legal experts an avenue to air their opinion for clarity.
Many people got confused as an aspect of the case is yet to be concluded. In order to clarify their confusion, Ripple CLO Stuart Alderoty said the SEC has no right to an appeal in the case just yet, which is why it needs approval. He further added that Ripple will respond to the SEC’s filing next week.
Stuart Alderoty tweeted, “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.”
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
Current Scenario Already Predicted
It should be noted that the SEC seeking a stay of all proceedings pending appeal is not unexpected as it was correctly predicted in December 2022 by James K. Filan, a defense lawyer and former federal prosecutor.
Back then, a supposed XRP community member asked if an outright victory gives Ripple the green light to operate in the United States even if the SEC appeals to an appellate court.
In response, James K. Filan said, “The SEC will ask to stay the judgment pending its appeal to the Second Circuit. That means it will ask the court not to enforce the judgment until the appeal is over. That would be an epic battle between the parties and whether the court agrees to that remains to be seen.”
It is now clear that the SEC moves since the beginning of the lawsuit have been predictable, which is why XRP supporters are confident that the appeal will amount to nothing.
Some XRP proponents also derive their confidence from the fact that no Judge Torres’s decision has ever been overturned on appeal, while Judge Rakoff’s decisions have been reversed by higher courts on 56 occasions.
For context, Judge Rakoff is the one presiding over the case between Terraform Labs and the SEC. And his recent decision has formed the majority of the SEC’s confidence to appeal the ruling.
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