#1. Ripple’s Legal Dispute with the SEC Continues
On July 13, 2023, a United States judge ruled that Ripple’s XRP token is not considered a security in the company’s legal battle with the SEC. While the final verdict is still pending, this ruling has sparked significant interest in the cryptocurrency market.
#2. SEC’s Interlocutory Appeal
As expected, the SEC filed a motion requesting the U.S. District Court to certify for interlocutory appeal, arguing that the case was wrongly decided. The SEC believes that a swift appellate resolution of the two rulings will address potential violations and have a significant influence on ongoing legal proceedings against other entities.
#3. Ripple’s Objection and Trial Date
Ripple objected to the SEC’s decision to pursue an interlocutory appeal, stating that there are no substantial legal issues at stake. The SEC fired back, asking the court to approve its appeal motion. Meanwhile, a trial date against Ripple’s top executives has been set for the second quarter of 2024.
Hot Take
The outcome of Ripple’s legal dispute with the SEC will provide clarity on the status of XRP and the classification of securities in the cryptocurrency market. Until then, the value of XRP remains closely tied to the case’s resolution.
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