US SEC Interlocutory Appeal Will Get Rejected, Says XRP Lawyer And Coinbase CLO

The U.S. Securities and Exchange Commission’s (SEC) arguments in its enforcement actions against crypto companies are irrational, and the ones presented in the Ripple lawsuit are no different. Judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.

Deaton Highlights SEC “Hypocrisy” Remarks

XRP lawyer John E. Deaton on September 2 said the U.S. SEC hypocrisy is being noticed by the federal judges and both chambers of the U.S. Congress. He finds it interesting that Coinbase chief legal officer Paul Grewal uses the word “hypocrisy” in his comments on Ripple filing opposition to the SEC’s interlocutory appeal.

“Nothing but ‘facts and circumstances’ one day. Until it’s all a ‘pure question of law’ the next. @s_alderoty and his team appropriately lay waste to this hypocrisy,” said Paul Grewal. The SEC has incorrectly argues “question of law” requirement for interlocutory appeal and has fails to address the authority. Typically, courts have rejected the position.

Deaton also highlighted that Judge Sarah Netburn also used the same word in remarks on the SEC’s inconsistent positions in the Ripple vs SEC lawsuit. In fact, judges in the Grayscale lawsuit called the SEC’s actions “arbitrary and capricious.” The SEC has failed to explain its reasoning behind rejecting Grayscale’s Bitcoin ETF conversion.

No way IMO.

— John E Deaton (@JohnEDeaton1) September 2, 2023

CoinGape Media earlier reported that Deaton and the Wolf of All Streets predicted the outcome of Coinbase and Binance lawsuits. Deaton said the Coinbase lawsuit would ultimately be dismissed and the Binance lawsuit would end with a deal with the SEC.

Read More: Ripple Unlocks One Billion XRP, Why Is It Significant?

XRP Prepares For Upside Momentum

XRP price fell below the key support level of $0.50 but rebounded after Ripple filed opposition to the SEC’s interlocutory appeal. Traders and whales are mostly skeptical about a quick recovery in XRP price amid Bitcoin ETF delay and September FUD.

Ripple has unlocked 1 billion XRP and locked 800 million, providing liquidity to the market. Enough XRP liquidity will propel prices toward $0.60.

XRP price fell 2% in the past 24 hours, with the price currently trading at $0.49. The 24-hour low and high are $0.488 and $0.508, respectively.

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