Judge Approves SEC’s Request in Ripple-XRP Case
The U.S. Securities and Exchange Commission (SEC) has been granted permission by District Judge Analisa Torres to file an interlocutory appeal in the Ripple case over XRP, despite Ripple’s objection. Judge Torres reviewed the SEC’s and the defendants’ letters and approved the SEC’s request. The SEC must file its motion by August 18, and the defendants have until September 1 to file their opposition papers. The SEC will then have until September 8 to file its reply, if necessary.
Key Points:
- The SEC’s request to file an interlocutory appeal in the Ripple-XRP case has been approved by Judge Torres.
- The SEC must file its motion by August 18, and the defendants have until September 1 to file their opposition papers.
- Ripple’s chief legal officer, Stuart Alderoty, opposes the SEC’s request, stating that there are no extraordinary circumstances justifying an appeal.
- Lawyer James K. Filan clarifies on Twitter that the approval does not mean an interlocutory appeal has been authorized.
- The SEC is not disputing whether XRP is a security but is appealing the court’s decision on programmatic offers and sales of XRP on crypto exchanges and Ripple’s other distributions.
Hot Take:
The approval of the SEC’s request for an interlocutory appeal in the Ripple-XRP case is a significant development. It indicates that the court is open to considering the SEC’s arguments regarding programmatic offers and sales of XRP. However, it does not change the fact that XRP is not considered a security. The outcome of this appeal will have important implications for the crypto industry and may provide further clarity on the regulatory status of cryptocurrencies.
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