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Deaton highlighted comments and views shared since the SEC filed the letter of intent to appeal the Judge Torres ruling. Significantly, Deaton expected Judge Torres to grant the SEC motion to file an interlocutory appeal.<\/p>\n
Deaton believes<\/a> that the motion<\/a> for interlocutory allows Judge Torres to address criticism from Judge Rakoff, the presiding Judge in the SEC v Terraform Labs case.<\/p>\n Regarding the timeline for an appeal, Deaton pointed out that an appeal would take between one to two years. An interlocutory appeal pauses the SEC v Ripple case until the SEC appeal concludes.<\/p>\n Importantly, Deaton stated,<\/p>\n \u201cIf the SEC were to win at the second circuit, which I believe they won\u2019t, then the case gets remanded back to Judge Torres, who would apply the facts of the case to the other Howey factors not yet analyzed.\u201d<\/p>\n<\/blockquote>\n Deaton explained further, saying,<\/p>\n \u201cIn other words, even if the second circuit disagrees with Judge Torres\u2019 analysis of Howey\u2019s third prong, the SEC does not win at summary judgment. Instead, Judge Torres would then apply the investment prong and the common enterprise prong of the Howey test again, further prolonging the case.\u201d<\/p>\n<\/blockquote>\n It could be a long road ahead for the Ripple team and the crypto market. Deaton believes that Judge Torres would give the same result, even after a successful interlocutory appeal. However, the SEC could ask for a second interlocutory appeal to the second circuit on Torres\u2019 application of the other prongs of the Howey test.<\/p>\n On the flip side, if the SEC loses at the second circuit, the SEC will appeal on all issues after the SEC v Ripple case.<\/p>\n Considering Deaton\u2019s observations, the SEC could push the SEC v Ripple case into 2026 or later. In the September 8 reply memorandum<\/a> to the Ripple opposition to the interlocutory appeal, the SEC argued,<\/p>\n \u201cThe SEC, like the Court, has an institutional interest in the most efficient ultimate resolution of this litigation. Defendants\u2019 interest, by contrast, is to delay an ultimate resolution so that they may continue freely selling XRP into public markets without the disclosures that come with registration [\u2026].\u201d<\/p>\n<\/blockquote>\n While investors await the court ruling on the SEC motion for interlocutory appeal, Ripple held the celebratory Proper Party in New York City.<\/p>\n Ripple CEO Brad Garlinghouse shared images, saying<\/a>,<\/p>\n \u201cLooking forward to seeing many of you tonight at the Proper Party \u2013 excited to bring people together to celebrate what we\u2019ve collectively achieved, a reminder to the SEC that court decisions matter and that progress is worth fighting for.\u201d<\/p>\n<\/blockquote>\n\n
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Delay Tactics<\/h2>\n
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Proper Party Delivers an XRP Boost<\/h2>\n
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XRP Price Action<\/h2>\n