Progress Towards Securing a SEC v Ripple Appeal Date
Both Ripple Labs and the SEC have expressed their availability to proceed with the appeal in Q2 2024. Ripple has stated its readiness for proceedings anytime, while the SEC has specified certain constraints on its availability. The court has approved the SEC’s request for an interlocutory appeal, following a partial victory for both parties in July.
Ripple’s Confidence in the Appeal
Ripple Labs remains confident in the appeal, highlighting its empty calendar in Q2 2024. CEO Brad Garlinghouse believes that an appeal will solidify the fact that XRP is not a security. On the other hand, the SEC has blocked out 19 days over the quarter for trial, representing about 21% of the period.
The Future For Ripple
The SEC filed a lawsuit against Ripple in December 2020, and the recent verdict determined that XRP is not a security when traded on public exchanges. However, the SEC plans to challenge this decision through an appeal. The outcome of the appeal could have implications for the SEC’s legal action against crypto exchanges Binance and Coinbase.
Financial Impact of the Legal Battle
Ripple has spent around $200 million on legal expenses in its battle against the SEC. This underscores the significant financial impact of the lawsuit on the company.
Hot Take:
The availability of both Ripple Labs and the SEC to proceed with the appeal in Q2 2024 indicates that the legal battle between the two parties is far from over. The outcome of the appeal will not only affect Ripple but could also have implications for the SEC’s actions against other crypto exchanges. The significant amount spent on legal expenses by Ripple highlights the high stakes involved in this case.
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