Crypto Legal Analysts Split on Impact of Recent Ripple Ruling Against SEC Appeal Effort
Summary:
Legal experts are divided over the implications of a recent court ruling denying the US SEC's interlocutory appeal against Ripple. Some experts see it as a win for Ripple, while others warn that this doesn't mean an outright loss for the SEC, who could still lodge an appeal post-trial. The trial is slated for April 23, 2024.
There's a split among legal professionals in the crypto sphere regarding the implications of a recent ruling by Judge Analisa Torres. This ruling dismissed the plan of the US Securities and Exchange Commission (SEC) to lodge an interlocutory appeal against Ripple. Some legal analysts and experts perceive this decision as a considerable victory for Ripple in its litigation against the regulatory body. However, some are advising for a more moderate reception to this news. Judge Torres declined the SEC's interlocutory appeal on the grounds of her earlier judgment, which slightly favored Ripple. She reasoned that there was no "controlling question of law," a necessary prerequisite for an interlocutory appeal to be allowed.
In mid-trial, an interlocutory appeal takes place, such as the ongoing lawsuit by the SEC against Ripple, its CEO Brad Garlinghouse, and executive chairman Christian Larsen. Blockchain company Consensys's lawyer, Bill Hughes, informed Cointelegraph that it's hardly surprising that SEC's appeal was rejected since it's rare for these types of appeals to be successful mid-way into a trial. On the contrary, crypto attorney Jeremey Hogan believes the ruling could be catastrophic for the SEC. Yet, Hughes disagrees with Hogan.
As per Hughes, the impact of Torres' judgment is only confined to the current case, suggesting every case has its unique proceedings. Similarly, another prominent voice from the legal community, Gabriel Shapiro, the General Counsel at Delphi Labs, cautioned cryptosphere enthusiasts not to over-celebrate. He clarified that this ruling does not translate into a massive defeat for the SEC, and they can still push for an appeal later once the trial concludes.
Still, Scott Chamberlain, an entrepreneurial fellow at the ANU College of Law, argues that this decision could be of greater significance to Ripple than what many others are willing to acknowledge. If the SEC does resort to a future appeal, it would most likely be at the Supreme Court, given there are no other significant legal questions left to address. Ripple CEO Brad Garlinghouse expressed his excitement regarding the recent ruling.
The trial on the case is set to take place on April 23, 2024. If the SEC intends to appeal, they will have to wait until the trial is over.
Published At
10/4/2023 6:00:55 AM
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