David Schwartz comments on the SEC’s recent filing of the interlocutory appeal in the ongoing SEC-Ripple lawsuit. Schwartz clarifies that the SEC has the right to move forward with the appeal as the lawsuit hasn’t concluded. While the SEC requests the court to pause further proceedings of the case until the end of the case, Ripple opposes any such exceptions. David Schwartz, the Chief Technology Officer (CTO) at Ripple Labs, shared his comments on the Securities and Exchange Commission’s (SEC) recent interlocutory appeal in the SEC-Ripple lawsuit. Schwartz pointed out the SEC’s mission to stop the regular proceedings of the ongoing lawsuit until the appeal is complete.
On Friday, following Judge Analisa Torres’ ruling that Ripple’s XRP is not a security, the SEC filed a motion, requesting the U.S. District Court in the Southern District of New York to certify for interlocutory appeal in its ongoing legal battle against Ripple Labs. While Judge Torres granted the regulator permission to move forward with the appeal, Ripple CEO Brad Garlinghouse submitted his opposing claims, requesting the court to impose a stay on the pending procedures of the appeal. The CEO also shared his confidence in the unwavering status of XRP, adding: “The request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate/trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense.” While the SEC’s “unusual” move evoked debates among crypto enthusiasts, Ripple’s CTO provided an in-depth analysis of the legal aspect of the appeal. He clarified that the regulators have the legal right to appeal as the lawsuit hasn’t been concluded yet. Adding that the interlocutory appeal is a strategy to avoid continuous disruptions of the primary case due to multiple appeals, he reiterated the significance of the appeal asserting that multiple appeals could prolong the ongoing case.
However, Schwarz shed insight on the specific situation, where the SEC argues for an “exception” by pausing further proceedings of the case till the appeal finds its conclusion. He wrote about the platform’s and its CEO’s opposing views, stating, “Ripple is arguing there should be no exception made, and Brad and Chris are arguing that even if the court grants the SEC the right to appeal, the case should still continue and the appeal should run in parallel”
Source : [SEC Files Interlocutory Appeal: Ripple CTO Explains Legal Aspects](coinedition.com/sec-files-interlocutory-appeal-ripple-cto-explains-legal-aspects/) by Nynu V Jamal - SEC appeals Ripple ruling opinion•Coin Edition by Nynu V Jamal / August 20, 2023