As the US Securities and Exchange Commission pursues an interlocutory appeal during its lawsuit confronting Ripple Labs, lawyers operating within the crypto world are confident. Crypto attorneys have voiced optimism regarding the resilience of Ripple’s case. Some of them even underscore that Ripple’s native token XRP does not qualify as a security.
Crypto Lawyers Respond to SEC’s Appeal against Ripple after an XRP-Supporting Decree
On the 9th of August, the securities regulatory agency of the United States released a letter for Judge Analisa Torres. In that letter, the securities regulator noted that the organization was making efforts to appeal the decision of the court. The respective appeal reportedly warrants a new probe that an appellate court will carry out.
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
The SEC requested the judge to hold the case for some time while the progress of the appeal goes on. The respective appeal by the SEC has ignited several questions among the members of the crypto community. In this respect, some are of the view that the purpose of the SEC’s this move is to encounter the XRP token’s non-security status.
Ripple May Not be permitted to Offer Sale Service If the SEC Wins Its Appeal
Nonetheless, crypto lawyers have some other perspectives. As per a crypto lawyer named Jeremy Hogan, both issues are distinct from each other. The lawyer pointed out that if the agency wins the sales-related appeal, the crypto exchange would have no ground to offer sale services with the use of exchanges. Irrespective of this, the lawyer thinks that the listing of XRP can remain operative till Ripple avoids sales. Another lawyer called Oscar Franklin Tan (NFT forum Enjin’s chief legal officer) said appeals normally occur following the completion of a case. However, the appeal made by the SEC is interlocutory, signifying the agency’s intention to appeal without waiting for the case’s closure.
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