The battle between the Securities and Exchange Commission (SEC) and Ripple Labs over the regulatory status of XRP took a dramatic turn last week. The latest powerplay? A Hail Mary interlocutory appeal from the authority. The agency tried appealing a past court decision allowing Ripple to use a “fair notice” defense. However, prominent lawyers vehemently oppose this, predicting its inevitable rejection.
Ripple’s chief counsel, James K. Filan, and Coinbase CLO Paul Grewal already called the SEC’s bluff. In their view, the rigid standards for an interlocutory appeal still need to be met. These mid-case appeals only proceed if waiting for a final verdict would cause “irreparable harm.” According to Filan, the agency has yet to prove this harm exists.
The lawyer forecasted a quick rejection on Twitter: “There are strong legal reasons why the Court of Appeals should deny the SEC’s motion.” Grewal agreed the appeal…
