Ripple vs. SEC: Pro-XRP Lawyer Is Confident That the Judge Will Deny the Interlocutory Appeal
The SEC accused Ripple of selling XRP as an unregistered security. However, when it came to people buying XRP on platforms like Coinbase, it wasn’t seen as promoting unregistered security. Ripple won most of the cases, except for the part related to people who bought XRP directly from them. Now, there’s confusion because both sides disagree with the verdict. They might appeal, and there’s a chance of another trial in the future and it is still a complex situation.
Pro-XRP lawyer John Deaton has now explained what is the current status and why he believes the judge might deny the interlocutory appeal. On The Clinton Donnelly Show, Deaton said that Ripple disagreed with the ruling on one aspect, which pertained to their On-Demand Liquidity (ODL) platform. Here, institutions held XRP for just a few seconds as a bridge currency, and Ripple intended to address this during the remedies section of the trial.
However, the SEC opted to request an interlocutory appeal, which means an early appeal before the trial’s conclusion. It’s crucial to note that an interlocutory appeal requires permission from the judge and, potentially, the higher court.
Ripple opposed the early appeal, arguing that it made no sense given the ongoing trial of the two executives and the other unresolved issues. Deaton believed that the judge would likely deny the interlocutory appeal, leading to further proceedings over the next few years.
Deaton said, “There’s no reason that we should do an early appeal because it doesn’t meet the standard which we don’t need to get into. I believe—I’m very confident, you know, I could always be wrong—but I’m very confident that she’s going to deny the interlocutory appeal, and then we’re going to have her ruling moving forward for the next, you know, couple years.”