- Brad Garlinghouse and Chris Larsen have filed their opposition to the SEC’s request to file an interlocutory appeal.
- Ripple opposed the appeal on various grounds, including the fact that an immediate appeal will not advance the termination of the litigation.
- At press time, XRP registered a drop of 2.71% in the past 24 hours, trading at $0.5845.
Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen have filed their opposition to the SEC’s request to file an interlocutory appeal and for a stay on all proceedings pending appeal.
Garlinghouse, Larsen, and the company have opposed the appeal on the following grounds: the court’s order does not involve a controlling question of law; the SEC cannot show a substantial ground for difference of opinion; and an immediate appeal will not advance the termination of this litigation.
From the first day this case was filed, I said charging the individual defendants with aiding and abetting IN A NON-FRAUD CASE, and thus, increasing the burden of proof, was outright stupid. It was the brain child of Jay Clayton and Bill Hinman, once again, proving that those two… https://t.co/fgssSIxlAJ— John E Deaton (@JohnEDeaton1) August 16, 2023
In reaction to this news, Pro-XRP lawyer John Deaton expressed his perspective. He asserted that charging involved parties with aiding and abetting in a non-fraud case was “outright stupid.” Deaton argued that this move was most probably from former SEC executives Jay Clayton and Bill Hinman.
Deaton further explained that Clayton was on video with Joe Grundfest, saying how he likes to charge executives because it changes the dynamics of the case. “In other words, it scares and intimidates people,” said the attorney. Deaton added that the decision to sue Garlinghouse and Larsen was for the wrong reasons and that this decision would cost the SEC.
“The SEC’s anticipation that it might later wish to pursue a different litigation strategy because it finds it difficult to prove its farfetched aiding and abetting claim does not just a stay.”
Deaton’s followers shared their views on the subject. “It was put in there to ring up the bill & force a settlement. That’s why exceptionally bogus SECGov cases should be subject to recovery of attorney fees. The only problem for Ripple is that they lost the first battle re institutional sales by not arguing no enterprise share,” said one user.
Meanwhile, CoinMarketCap indicated that XRP was changing hands at $0.5845. This was after the altcoin suffered a drop of 2.71% in the past 24 hours. Subsequently, XRP’s weekly performance was pushed further into the red zone by 7.10%.
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