An intriguing development in the Ripple litigation is that the SEC has now submitted a reply memorandum in support of its motion to certify an interlocutory hearing. Remember that the SEC had earlier moved to certify an interlocutory attraction?Ripple and its defendants filed a resistance to that earlier motion, it should be noted.
James Okay. Filan, a former defence attorney and supporter of Ripple, draws attention to the most recent development in the SEC lawsuit while noting what he calls a “laughable” argument in the SEC submission. The SEC’s argument that Decide Torres should continue the case because it is urgently concerned with preserving judicial resources, according to Filan, is ridiculous.
A screenshot of the SEC filing, specifically a press release that states: “The SEC as plaintiff has an institutional curiosity within the environment-friendly decision of this case,” was released online by Neil Hartner, a senior employee software engineer at Ripple. Plaintiffs don’t. They work to prolong this lawsuit as they have already committed to.
John Deaton, the founder of CryptoLaw and an attorney for XRP holders, responds to the SEC’s statement, which he finds absurd. He criticises the SEC’s legal position and notes that a federal judge once referred to the SEC as hypocrites who lacked dedicated commitment to the law.
Deaton explains the implications of the SEC’s request for a keep of each continuing, including the trial of Ripple executives Chris Larsen and Brad Garlinghouse, before claiming that the argument was absurd because a keep, by definition and operation, routinely prolongs your entire litigation.
According to Deaton, an interlocutory appeal could not decide the case because a trial has not yet been convened; instead, it would prolong the process and call for extrajudicial sources. According to Deaton, the 2nd Circuit’s decision would take 1.5 to 2 years if an early application is granted.
Stuart Alderoty, a lawyer for ripple, criticises the SEC‘s new submission and calls it disingenuous. A denial of the SEC’s request is what lawyer and Ripple litigation participant Fred Rispoli expects to happen in the end.