Deaton Predicts SEC Interlocutory Appeal Outcome

Attorney Deaton speculates that the court will deny the SEC’s interlocutory appeal motion, forcing the regulator to wait until 2024 ending to file a full appeal.

Renowned crypto advocate and lawyer John Deaton has predicted the outcome of the SEC’s motion for an interlocutory appeal.

In his prediction, Attorney Deaton said Judge Analisa Torres, the presiding judge of the Ripple lawsuit, would deny the SEC’s request. According to him, her decision will prompt the SEC to wait until 2024 ending to file a full appeal in the Second Circuit.

“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,” he said.

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Notably, Deaton made the prediction during his appearance at the onXDC Live blockchain industry conference. The event was held in Texas from August 25 to August 26, 2023.

SEC Requests Interlocutory Appeal

It bears mentioning that the SEC filed a motion for an interlocutory appeal challenging Judge Torres’ decision on Ripple’s programmatic sales of XRP on digital exchanges and other distributions.

The SEC argued that the decision involves controlling questions of law, creating room for different opinions. The commission highlighted Judge Jed Rakoff’s disagreement with the ruling as a legal precedent to back up its argument.

Deaton Addresses Misconception About SEC Appeal 

Meanwhile, there have been several misconceptions since Judge Torres approved the SEC’s request to file a motion for an interlocutory appeal.

Many claimed that the SEC had already appealed her decision on Ripple’s programmatic sales and other distributions, given Judge Torres’ recent order regarding the issue.

Reacting, Deaton clarified that the Ripple case does not currently have an appeal. 

“There is no appeal right now, all the judge did was allow them to write a motion for an appeal for an interlocutory appeal,” Deaton said.

Ripple May Oppose SEC’s Request Again

Notably, Ripple has a deadline of September 1 to file its response to the SEC’s interlocutory motion. It is expected that Ripple will oppose the motion. As reported earlier, Ripple asked Judge Torres to deny the request when the regulator first signaled plans to appeal. Ripple may file a similar response on or before September 1.

After Ripple files the response, the SEC has a period of one week to address any issues raised by the company.

Court to Explain Why Ripple’s Ruling Is Sound

Meanwhile, Attorney Deaton had previously speculated that Judge Torres would deny the SEC’s motion. Per Deaton, Judge Torres only gave SEC the green light to file a motion for an interlocutory appeal to demonstrate why her July 13 ruling is sound and based on evidence.

Consequently, he speculated that the judge would still deny the motion after clarifying her July 13 ruling.

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• Source: https://thecryptobasic.com/2023/08/29/deaton-predicts-sec-interlocutory-appeal-outcome/?utm_source=rss&utm_medium=rss&utm_campaign=deaton-predicts-sec-interlocutory-appeal-outcome