In a Wednesday court filing, the Securities and Exchange Commission (SEC) lodged an “interlocutory appeal” against the judge’s ruling on Ripple’s programmatic sales of XRP. The SEC urged Judge Analisa Torres, overseeing the Ripple lawsuit, to grant a federal appeals court the opportunity to review her decision regarding Ripple’s XRP token sales—a decision she had previously deemed compliant with securities laws.
Former attorney Scott Chamberlain has ventured a bold prediction in response to the SEC’s request.
Chamberlain’s Analysis of Judge Torres’ Position on the Ripple Case:
Scott Chamberlain recently tweeted speculating that Judge Analisa Torres might reject the SEC’s appeal for an interlocutory review. Chamberlain suggests the judge’s potential denial could be rooted in her cautious approach to avoid introducing new legal interpretations.
My bet: Judge Torres denies the request. She studiously avoided new law.
She found the token is not the security, accepted the SEC’s characterisation of the transaction “buckets” to be analysed, and simply applied Howey and its progeny to the SEC’s chosen buckets.
SEC failed… https://t.co/o9MZk8Q7gP
— Scott Chamberlain | 🏴☠️ 🪝 (@scotty2ten) August 10, 2023
According to Chamberlain, Judge Analisa Torres has consistently refrained from introducing new legal perspectives. Instead, she determined that the token in question isn’t a security, acknowledged the SEC’s grouping of transaction “buckets” for analysis, and directly applied the Howey test and its associated principles to specific transaction categories outlined by the SEC.
The SEC’s case faced challenges not because Judge Torres altered the legal criteria for the Howey test’s components, but because the agreed-upon factual evidence failed to meet all the requirements of the Howey test for two of the three transaction buckets selected by the SEC.
Chamberlain clarified that the main reason for the SEC’s setback was their inability to demonstrate meeting all the essential parts of the Howey test in those specific transaction scenarios. This challenge didn’t stem from any alteration in Judge Torres’ understanding of the legal requirements for these elements.
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