James K. Filan, a former federal prosecutor and Ripple enthusiast, shares the latest update in the Ripple SEC lawsuit.
Per the update shared by Filan on X (formerly Twitter), the court has set a briefing schedule for the SEC's request to file a motion for leave to file an interlocutory appeal. Filan explains that this does not mean an interlocutory appeal has been authorized. It just means the SEC is allowed to request it.
#XRPCommunity #SECGov v. #Ripple #XRP The Court has set a briefing schedule for the SEC’s request to file a Motion for Leave to File an Interlocutory Appeal. This does not mean an interlocutory appeal has been authorized. It just means the SEC is allowed to request it. pic.twitter.com/vjsUSJELU6
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 17, 2023
In an order dated Aug. 17, the court stated it has reviewed the parties' letters filed on Aug. 9 and 16 and has thus made its decision.
As stated in the document, the SEC's request to file a motion for leave to file an interlocutory appeal has been granted. By Aug. 18, 2023, which is today, the SEC will file its motion. By Sept. 1, the defendants are expected to file their opposition papers, and by Sept. 8, the SEC reply is expected.
The latest update in the Ripple SEC lawsuit has attracted varying reactions from the crypto community, as some took it to mean that the SEC has been allowed to file an interlocutory appeal.
XRP holders' attorney, John Deaton, is not so surprised at the latest development, having earlier predicted that the judge would grant the SEC the right to file a formal motion for an interlocutory appeal.
SEC to file premotion letter
Explaining that the SEC would file today, Aug. 18, Deaton stated this was just a premotion letter and not the real motion. He explained further, comparing it to a premotion letter he filed asking permission to file a motion to intervene in the Ripple lawsuit.
Deaton added that the fact that the premotion letter was granted does not imply that the underlying motion will be granted.
He hopes that Judge Torres will refuse the SEC's formal motion for an interlocutory appeal, allowing her to explain why she did so and underscore why the judge in the Terra case was incorrect in his interpretation of what she ruled. The CryptoLaw founder projects that her ruling will take another three to six months.
In a throwback, on Aug. 9, the SEC filed a letter outlining its basis for filing a Motion for Leave to file an interlocutory appeal regarding programmatic offers and sales to XRP buyers over trading platforms and other distributions. The SEC also sought a stay of all proceedings pending appeal.
On Aug. 16, Ripple fired back by submitting its opposition to the SEC's anticipated motion for leave to file an interlocutory appeal. Ripple executives Brad Garlinghouse and Chris Larsen also responded in opposition to the SEC's request to file an interlocutory appeal and for a stay of all proceedings pending appeal.
