SEC Loses Motion for Interlocutory Appeal in Ripple Case
The U.S. Securities and Exchange Commission (SEC) recently suffered a setback in its case against Ripple Labs, the company behind XRP, as a district judge denied its motion for an interlocutory appeal. This decision has caused a stir in both the legal and crypto communities.
Legal Experts Weigh In on SEC’s Appeal Possibilities
Although the immediate appeal was denied, legal experts believe that the SEC still has the option to appeal once the entire case concludes. Max Schatzow, a respected figure in legal matters, stated that this situation is consistent with many other civil cases, allowing for an appeal after the final judgment.
What Happens Next?
Cody Carbone, another legal expert, also pointed out that there is a loophole where the SEC can appeal post-trial. Elliott Z. Stein, Bloomberg’s senior litigation analyst, explained that the recent denial only applies to the immediate appeal before a final judgment. Appeals are typically allowed once the trial ends and all remedies are determined.
Therefore, the SEC can only appeal after a final judgment is given on the case. Until then, XRP’s status as a non-security will remain uncertain. The court has encouraged both parties to consider settlement possibilities. If the SEC fails to provide additional evidence supporting their claims, the case may favor Ripple.
Why Did the SEC Fail?
Australian lawyer Bill Morgan highlighted three critical elements that the SEC failed to meet for an appeal: no relevant legal question, no substantial differing opinions, and no faster resolution with an appeal. These factors contributed to the SEC losing its motion.
Crypto Reaction
The court’s ruling has given hope to XRP’s price, which has experienced a notable surge of over 4%. If it maintains resistance at $0.50 for another week, it could potentially reach $0.66. With no SEC updates expected this year, XRP has an opportunity to rally.
Hot Take: Ripple Case Continues to Unfold
The recent denial of the SEC’s motion for an interlocutory appeal in the Ripple case has left the legal and crypto communities eagerly awaiting the next steps. While an immediate appeal was denied, legal experts believe that the SEC still has the option to appeal once the entire case concludes. The court’s ruling has also had a positive impact on XRP’s price, leading to a surge and potential bullish rally. As the case progresses, all eyes will be on Ripple and the SEC to see how this high-profile legal battle unfolds.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.