Lucy Jane 
SEC’s Latest Move in Ripple Lawsuit Sparks Controversy
The SEC has filed a reply memorandum in support of its petition to certify an interlocutory appeal, marking an intriguing development in the Ripple lawsuit.
Recall that Ripple and its defendants filed an opposition to the SEC’s earlier petition to certify an interlocutory appeal the previous week.
Former defense attorney and Ripple enthusiast James K. Filan draws attention to the latest development in the SEC lawsuit while emphasizing what he considers a “laughable” argument in the SEC filing.
According to Filan, the SEC’s argument that Judge Torres should halt the proceedings because it is suddenly concerned about conserving judicial resources is ludicrous.
Neil Hartner, a senior staff software engineer at Ripple, posted a screenshot of a portion of the SEC filing, namely a statement that reads:
“The SEC as plaintiff has an institutional interest in the expeditious resolution of this matter. However, defendants do not. They intend to prolong this litigation, as they have previously promised.”
John Deaton, the attorney for XRP holders and the creator of CryptoLaw, responds to the SEC’s absurd claim.
He criticizes the SEC’s legal stance, noting that a federal judge once referred to the SEC as hypocrites who lacked legal fidelity.
Deaton continues by stating that the argument was laughable because, by definition and operation, a stay automatically prolongs the entire litigation, laying out the implication of the SEC’s request for a stay of all proceedings, including the trial of Ripple executives Chris Larsen and Brad Garlinghouse.
As the trial has not yet occurred, according to Deaton, an interlocutory appeal may not resolve the matter and may even require additional judicial resources.
Deaton stated that if an early request is granted, a decision by the 2nd Circuit could take between 1.5 and 2 years.
The general counsel of Ripple, Stuart Alderoty, criticizes the SEC’s new filing as disingenuous. Fred Rispoli, an attorney and plaintiff in the Ripple litigation, forecasts that the SEC’s request will be denied.
