Judge Analisa Torres's denial of an interlocutory appeal for the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple has sparked mixed interpretations among crypto lawyers. While some legal experts consider this decision to be a significant victory for Ripple, others say the public should control its excitement.
In dismissing the interlocutory appeal, Judge Torres relied on his previous decision, in which he partially ruled in favor of Ripple. This, he said, did not require an order on a "controlling question of law" required to approve the interlocutory appeal.
An interlocutory appeal, in this case, is an appeal filed during the SEC's lawsuit against Ripple and its CEO Brad Garlinghouse and chairman Christian Larsen.
Bill Hughes, an attorney at blockchain firm Consensys, said the SEC expects the appeal to be rejected, explaining that it is unusual for such an application to be granted at this stage of the case.
However, crypto lawyer Jeremey Hogan seems more confident that the decision is a "disaster" for the SEC. Hughes does not agree with this view.
Gabriel Shapiro, General Manager of Delphi Labs, stated that crypto advocates should control their excitement about this decision and explained that the decision is not a total loss for the SEC.
Shapiro noted that the SEC could still file a lawsuit later, even if the appeal is denied in this case.
Scott Chamberlain, an enterprising fellow at ANU Law School, explained that the decision could be so important to Ripple that others are reluctant to admit.
Chamberlain stated that any future appeals from the SEC would need to be heard by the Supreme Court because there were no major legal questions remaining.
Ripple CEO Brad Garlinghouse also expressed his excitement by sharing his views on social media.
As stated in the latest court order, the case is currently set for hearing on April 23, 2024. If the SEC wants to appeal, it will have to do so after the case is over.
In dismissing the interlocutory appeal, Judge Torres relied on his previous decision, in which he partially ruled in favor of Ripple. This, he said, did not require an order on a "controlling question of law" required to approve the interlocutory appeal.
An interlocutory appeal, in this case, is an appeal filed during the SEC's lawsuit against Ripple and its CEO Brad Garlinghouse and chairman Christian Larsen.
Bill Hughes, an attorney at blockchain firm Consensys, said the SEC expects the appeal to be rejected, explaining that it is unusual for such an application to be granted at this stage of the case.
However, crypto lawyer Jeremey Hogan seems more confident that the decision is a "disaster" for the SEC. Hughes does not agree with this view.
Gabriel Shapiro, General Manager of Delphi Labs, stated that crypto advocates should control their excitement about this decision and explained that the decision is not a total loss for the SEC.
Shapiro noted that the SEC could still file a lawsuit later, even if the appeal is denied in this case.
Scott Chamberlain, an enterprising fellow at ANU Law School, explained that the decision could be so important to Ripple that others are reluctant to admit.
Chamberlain stated that any future appeals from the SEC would need to be heard by the Supreme Court because there were no major legal questions remaining.
Ripple CEO Brad Garlinghouse also expressed his excitement by sharing his views on social media.
As stated in the latest court order, the case is currently set for hearing on April 23, 2024. If the SEC wants to appeal, it will have to do so after the case is over.