Defense attorney James Filan shared the filing, saying,
“The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.”
Filan had this to say about the Reply Memorandum,
“The SEC’s argument that Judge Torres should stay the proceedings because the SEC is all of a sudden concerned about conserving judicial resources is laughable.”
Within the filing, the SEC refers to the Programmatic Sales issue as a “knotty legal problem.”
Unsurprisingly, the SEC referenced the SEC v. Terraform Labs case. In this case, the presiding Judge Rakoff criticized Judge Torres’ ruling. The SEC also stated that the Defendants have no “institutional interest in the efficient resolution of this case.”
An additional argument for interlocutory appeal was the intentions of the Defendants to prolong the case “so that they may continue selling XRP into public markets.”
CryptoLaw founder and Amicus Curiae attorney John E. Deaton responded to the filing, saying,
“After a federal judge called them hypocrites and publicly stated that they lack a faithful allegiance to the law, you would think lawyers like Gurbir Grewal as SEC Enforcement Director, or senior SEC enforcement lawyer Jorge Tenreiro, would take pause, measure, and reevaluate, how they present the SEC’s legal positions.”
Deaton went on to say,
“Nope! The professional embarrassment continues. The SEC now claims, unlike Ripple, it is only interested in the efficient adjudication of this case and that it is Ripple who wishes to prolong the litigation thus wasting valuable judicial resources.”
Judge Torres will now consider the merits of the SEC motion for interlocutory appeal. It is unclear how long the process will take. Uncertainty toward the ruling would likely test buyer appetite.
XRP in the Hands of the Legal Experts
We expect legal experts and the crypto community to analyse the SEC response. Views on the strength of the SEC argument for interlocutory appeal will influence investor sentiment.
The SEC references to the Terraform Labs case could give the SEC v Coinbase case more influence on the SEC v Ripple case. Judge Failla is the presiding Judge in the SEC v Coinbase case. A Judge Failla ruling for the Coinbase (COIN) motion to dismiss (MTD) would give the Ripple lawyers a better footing.
The SEC alleges that Coinbase operates as an unregistered securities exchange, broker, and clearing agent. A dismissal would be another ruling that denies the SEC position that all cryptos, except BTC, are securities.
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