‘XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appeal

The SEC asked the judge to put the case on hold while the appeal is in development. The SECs relocation to appeal stimulated questions amongst neighborhood members, with some thinking that the SECs move to appeal is a relocation to challenge the “non-security” status of XRP. The SECs appeal is interlocutory, indicating it desires to appeal even though the case is unfinished. The SEC does not have the “right” to appeal just yet which is why they are asking approval to file an “interlocutory” appeal. He described:” The SEC is asking to stop briefly the XRP case while the interlocutory appeal goes on.

When asked how this appeal could potentially affect the course of the case, Tan told Cointelegraph that its all about the momentum. He discussed:” The SEC is asking to pause the XRP case while the interlocutory appeal goes on. While Hogan believes that the appeal will not impact XRPs security status, Tan believes that this is still what the SEC is after.

As the United States Securities and Exchange Commission (SEC) looks for an interlocutory appeal in its case against Ripple Labs, legal representatives working in the crypto area revealed confidence in Ripples case, with some highlighting that the XRP (XRP) token is not a security. On Aug. 9, the SEC sent out a letter to Judge Analisa Torres mentioning that it was moving to appeal the court decision, which it states warrants a fresh appearance by an appellate court. The SEC asked the judge to put the case on hold while the appeal remains in progress. The SECs transfer to appeal sparked questions among community members, with some thinking that the SECs relocate to appeal is a relocation to challenge the “non-security” status of XRP. Crypto legal representatives assured the neighborhood that this is not the case. According to crypto lawyer Jeremy Hogan, the two problems are separate. Hogan explained that if the SEC wins the appeal on the sales, Ripple would not be able to help with sales utilizing exchanges. Regardless of this, the lawyer thinks that exchanges might keep XRP listed as long as the sales are not made by Ripple. Hogans thoughts on the Ripple case. Source: X (Twitter) Cointelegraph connected to crypto lawyer Oscar Franklin Tan, primary legal officer of the nonfungible token (NFT) platform Enjin, to break down a few of the complexities surrounding the SECs move. According to Tan, appeals usually take place when the case is ended up. The SECs appeal is interlocutory, meaning it wants to appeal even though the case is unfinished. The SEC does not have the “best” to appeal just yet which is why they are asking authorization to submit an “interlocutory” appeal. Ripple will file its action with the Court next week. Stay tuned. https://t.co/zCeVZhYfxc— Stuart Alderoty (@s_alderoty) August 9, 2023

Other Questions People Ask

What does the SEC's appeal mean for the status of XRP as a non-security?

The SEC's appeal does not directly challenge the "non-security" status of XRP, according to crypto lawyers like Jeremy Hogan. He emphasizes that the issues surrounding the appeal and XRP's classification are separate. While the SEC seeks to pause the case during the interlocutory appeal, Hogan believes that XRP could still be listed on exchanges, provided Ripple is not involved in the sales. This indicates that the legal landscape remains complex but does not necessarily jeopardize XRP's current status.

How might the SEC's interlocutory appeal impact Ripple's operations?

The SEC's interlocutory appeal could potentially affect Ripple's ability to conduct sales through exchanges if they win on appeal regarding sales. However, Hogan suggests that exchanges may continue to list XRP as long as Ripple is not facilitating those sales directly. This distinction is crucial for Ripple's ongoing operations and the broader market for XRP. The outcome of this appeal will likely influence how Ripple navigates its business model moving forward.

What are crypto lawyers saying about the SEC's move to appeal in Ripple's case?

Crypto lawyers are generally optimistic about Ripple's position, asserting that the SEC's move to appeal does not undermine XRP's classification as a non-security. Oscar Franklin Tan notes that interlocutory appeals are uncommon and typically occur after a case is concluded, which adds complexity to the SEC's request. Legal experts believe that the SEC's actions are more about procedural strategy than a fundamental challenge to XRP's status. This confidence among legal professionals may reassure investors and stakeholders in the crypto community.

Why is the SEC seeking an interlocutory appeal in its case against Ripple?

The SEC is pursuing an interlocutory appeal to seek clarification on specific legal points before the case concludes, which is unusual but not unheard of. They believe that certain aspects of the court's decision warrant further review by an appellate court. This move aims to pause the ongoing case while the appeal is processed, indicating that the SEC is still invested in influencing the outcome. However, legal experts suggest that this strategy may not significantly alter XRP's status as a non-security.