Lawyer: US SEC's appeal of XRP ruling may be "counterproductive"

Odaily Planet Daily News Attorney John Deaton tweeted that the US SEC's appeal of the XRP ruling may be counterproductive and have unintended consequences for the SEC's regulatory work. Even if the judge approves the SEC's pre-motion letter, that doesn't mean the underlying motion will be approved, Deaton said, meaning the judge may allow further debate on the matter. He believes Judge Torres may grant the pre-motion letter, which would allow her to provide more detailed reasons for her decision and possibly make it less vulnerable to any further appeals. Asked whether he would be involved in the appeal, Deaton said he would wait for Ripple's response before making a final decision. Judges may not want multiple parties repeating redundant arguments or points of view, he added. (Coin Gape) According to news yesterday, the SEC has submitted a letter to Judge Analisa Torres of the Southern District of New York seeking an interlocutory appeal against two adverse liability rulings in the Ripple Labs case. The SEC stated that it is seeking to appeal part of the ruling, while other parts are entering the trial stage. Ripple needs to respond before August 16, and the SEC will submit a briefing on August 18. "There is a need for interim review here, which touches on governing legal issues on which disagreements are reflected in the divisions within the district that have developed," the SEC said.