The SEC’s Appeal in Ripple Lawsuit might be on the horizon, as the U.S. Securities and Exchange Commission (SEC) edges closer to lodging an appeal following their recent partial setback in the lawsuit against Ripple. This information comes from James K. Filan, a defense attorney and cryptocurrency legal expert.
SEC’s Potential Appeal Explained
According to Filan, District Judge Analisa Torres has set a timeline for the SEC to request permission to file an interlocutory appeal. However, he clarified that this doesn’t necessarily mean the appeal has been approved. Instead, it simply indicates that the SEC is permitted to make the request.
Torres ordered that the SEC should submit their motion by August 18th, with Ripple expected to file its opposing documents by September 1st. If the SEC wishes to respond, they have until September 8th to do so.
Market Reaction to the News
Following the judge’s order, XRP’s trading value took a hit, dropping over 12% from around $0.571 to roughly $0.499, mirroring the broader crypto market’s trend.
Ripple Lawsuit Overview
The SEC initiated legal action against Ripple towards the end of 2020, accusing the San Francisco-based payments company of selling XRP as an unregistered security. In a recent ruling, Judge Torres determined that Ripple’s automated, open-market sales of XRP, known as programmatic sales, did not qualify as security offerings, contradicting the SEC’s claim.
However, the judge did concur with the SEC’s allegation that Ripple’s direct sale of XRP to institutional buyers was a securities offering.
For those interested in following the SEC’s Appeal in Ripple Lawsuit and other crypto market trends, the cryptoview.io application provides real-time updates and comprehensive market analysis.
