- CryptoLaw’s John Deaton predicts that the court would likely deny the SEC’s appeal, forcing them to wait until the end of 2024 to file a full appeal.
- Deaton further clarified that there is no appeal currently as the court merely approved their request to write a motion for an appeal for an interlocutory appeal.
The US Securities and Exchange Commission recently filed a motion for the court to certify an interlocutory appeal of its ruling favoring Ripple Labs. As captured in their filing, the Commission wants to appeal the ruling that the programmatic offers and XRP sales by Ripple on trading platforms do not violate securities laws as it does not influence investors to expect profits from the efforts of others.
Secondly, it wants to appeal the ruling that the blockchain company’s distribution of the token as payment for services was not sufficient enough to be recognized as an investment of money. SEC argues that the rulings involve controlling questions of law.
Immediate appeal of these rulings is warranted … because they involve controlling questions of law as to which there are substantial grounds for difference of opinion, and obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.
John Deaton Predicts the Outcome of SEC’s Appeal, Triggering Bullish Run for XRP
In the wake of this development, CryptoLaw’s John Deaton has made his prediction with regard to the outcome. According to him, there is a huge possibility that Judge Analisa Torres would deny the motion. This implies that SEC would have no option but to wait until the end of 2024 to file a full appeal. This prediction was made at the onXDC Live blockchain industry conference held on August 25 – August 26 in Texas.
I predict she denies it [SEC interlocutory appeal request], and then when she denies it, they have to wait for a full appeal, which, after the case, will be sometime in late 2024, which would take another 18 months.
It is important to understand that the decision to file a motion for an interlocutory appeal was first approved by Judge Torres. This has triggered speculations that SEC’s argument in the motion was agreed and accepted by the Judge. However, the CryptoLaw founder thinks otherwise.
In explaining the ongoing procedure, Deaton clarified that there is no appeal right now as the judge only permitted them to request an appeal for an interlocutory appeal. He believes that the court only approved SEC’s request to prove that the ruling is perfect and based on evidence. In this case, the motion would certainly be rejected according to Deaton.
Ripple is reported to have until September 1 to respond to the interlocutory motion. In case they do, SEC would have until September 8 to also respond. It was earlier reported that Ripple asked the court to object to the request for appeal when it got the hint earlier.
Deaton’s prediction has instilled confidence in investors as the market shows bullish sentiment with a 3 percent surge in the last 24 hours to trade at $0.537519. Provided the court denies the motion, the market could be subjected to the same bullish run that took the price to $0.93 when it got a partial win. When the court’s decision goes the other way, the XRP price could flip back to its downward trend.
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