Former lawyer Scott Chamberlain highlights the significance of the latest SEC v. Ripple ruling, saying that the Supreme Court is a less likely destination for the lawsuit.
The recent ruling in the SEC v. Ripple case has been stirring reactions from crypto enthusiasts. As reported earlier, Judge Analisa Torres denied the SEC’s request to file an interlocutory appeal in the Ripple lawsuit.
Expert Highlights Significance of Latest SEC v. Ripple Ruling
As a result, top legal expert Scott Chamberlain has provided an analysis of the ruling, emphasizing the significance of the court’s decision.
The legal expert stressed that although the SEC can appeal later, it is stuck with a factual record that makes a successful appeal difficult. Chamberlain noted that the Ripple case is less likely to head to the Supreme Court following the court’s ruling.
According to the former lawyer, the lawsuit does not have any significant questions to decide other than the difficult task of “applying known law to a complicated fact matrix that does not support the SEC’s claim.”
He pointed out that the law did not change, but the SEC only failed to prove its case.
“Now it has to push sh*t uphill with a pointy stick if it wants to win,” he added.
I think this is more significant than people realise. Yes, the SEC can appeal later, but it is stuck with shitty factual record that makes successful appeal much more difficult. It also means Supreme Court is less likely destination – there’s no major legal questions to decide,… https://t.co/f6dOvo2fDt
— Scott Chamberlain | ?☠️ ? (@scotty2ten) October 4, 2023
Pro-XRP Lawyers Join Discussion
As expected, Chamberlain’s tweet prompted reactions among XRP enthusiasts, with other legal experts, including Fred Rispoli, joining the discussion.
Meanwhile, back at the SEC lair…
SEC Atty #1: I don't know, man. This is bad, man. We don't gotta lotta options, man.
SEC Atty #2: (reading @scotty2ten's post) Wait a minute, I just found the answer. We'll shit our way out of this!
SEC Atty #1: Brilliant!
— Fred Rispoli (@freddyriz) October 4, 2023
In addition, Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, described Chamberlain’s remark as awesome while requesting to use it.
"Now it has to push shit uphill with a pointy stick if it wants to win."
Can I use this? Because it's awesome.
— Jeremy Hogan (@attorneyjeremy1) October 4, 2023
SEC’s Immediate Appeal Request Denied
Yesterday, Judge Analisa Torres issued her decision on the SEC’s request for an interlocutory appeal. Notably, the SEC claimed that the court’s July 13 ruling on Ripple’s programmatic sales and other distributions pose controlling questions of law, thus creating room for different opinions.
However, Judge Torres denied the request, stating that the July 13 ruling does not pose questions of law as alleged by the SEC.
She also noted that the commission failed to meet its burden of proof to show substantial ground for difference of opinion.
Consequently, the judge denied the SEC’s request for an immediate appeal. Hence, the regulator will have to wait until the remaining parts of the lawsuit, especially the upcoming trial, are resolved in order to file a full appeal.
Law of the Land
In the meantime, Ripple CLO Stuart Alderoty emphasized that Judge Torres’ ruling on July 13 remains the “law of the land.”
The Court’s July 13 ruling was, and remains, the law of the land. XRP is not a security. https://t.co/NxOXZZtSMG
— Stuart Alderoty (@s_alderoty) October 3, 2023
On July 13, she ruled that XRP itself is not a security. The judge also found that Ripple’s institutional sales of XRP constituted investment contracts, while programmatic sales and other distributions did not.
Notably, the ruling will be the law of the land until the SEC successfully overturns the decision in the Second Circuit or Supreme Court.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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