Prominent XRP lawyer John E. Deaton and other lawyers reacted to the U.S. Securities and Exchange Commission (SEC) filing a memorandum to further support its motion for an interlocutory appeal. Will Judge Torres grant the SEC’s motion for interlocutory appeal? Lawyers Deaton, Bill Morgan, Marc Fagel, Fred Rispoli, and others commented on the odds of it.
Pro-XRP Lawyer Deaton and Other Attorneys on New Filing by SEC
Lawyer John E. Deaton argues that the SEC’s filing to support its motion for interlocutory appeal is a “professional embarrassment”. He said the SEC blames Ripple for prolonging the lawsuit, wasting valuable judicial resources, and violating securities laws, but it’s the SEC stretching the case for years.
Deaton stated if Judge Torres allowed the SEC interlocutory appeal, it would take 1.5-2 years to get a ruling from the court. Also, there’s still a trial to take place next year, an interlocutory appeal will not end the litigation. Judges will side with Ripple as the SEC has failed to prove the Howey Test’s third prong. Even if the appeal is granted, the SEC will fail to prove why XRP is a security.
Also, the SEC dragging Ripple executives Brad Garlinghouse and Chris Larsen to the lawsuit was a big mistake for the regulator.
Lawyer Bill Morgan said the SEC is in trouble in this motion. Judge Torres never concluded that “there can be no investment contract for offers and sales through crypto asset trading platforms without direct contact between the issuer and the investor.” The SEC’s argument is completely illogical and manipulative.
Retired securities lawyer Marc Fagel and attorney Fred Rispoli stated the SEC has made decent arguments, but think the odds are against granting the request for interlocutory appeal.
3/3 …a political element so if that is a factor for J. Torres (I don’t think it is but it’s not without reason to think the opposite), she can avoid that issue by certifying and putting the onus on the 2nd Cir, as that court can simply deny the request.
— Fred Rispoli (@freddyriz) September 9, 2023
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