SEC Requests Permission for Interlocutory Appeal in Ripple XRP Case

The Ripple XRP Case: SEC Requests Interlocutory Appeal

The U.S. Securities and Exchange Commission (SEC) has taken a significant step in the Ripple XRP case by requesting permission to file an interlocutory appeal. This move comes after a federal judge ruled that XRP sales conducted through exchanges did not breach securities law. Here are the key points:

The SEC has requested permission to file an interlocutory appeal in the Ripple XRP case.
The request was made after a federal judge granted the SEC’s permission to present its appeal argument.
The SEC argues that choosing an interlocutory appeal is necessary to resolve the two rulings quickly and assess remedies for all violations.
If the Second Circuit Court of Appeals allows the appeal to move forward, it could answer important questions about securities law.
A reversal by the Second Circuit could enhance the chances of reaching a settlement in the case and potentially avoid multiple trials.

What’s Next in Ripple Vs SEC?

Ripple has been granted until September 1, 2023, to respond to the SEC’s motion. The SEC will then have an additional week to reply. If approved, the SEC will petition the Second Circuit Court of Appeals to formally take up the case. Here are the key points:

Ripple has until September 1, 2023, to present a response to the SEC’s motion.
The SEC will have an additional week to reply to Ripple’s response.
If approved, the SEC will need to petition the Second Circuit Court of Appeals to take up the case.

The Ripple Case’s Potential Ramifications

The outcome of this appeal goes beyond the Ripple case alone. The SEC acknowledges that it could have an impact on other cases involving the regulator, such as its suits against Coinbase and Binance. Here are the key points:

The SEC recognizes that the ruling could extend its impact to other cases involving the regulator.
This includes suits against Coinbase and Binance.

Hot Take

The SEC’s request for an interlocutory appeal in the Ripple XRP case highlights the significance of this legal battle. If granted, the appeal could have far-reaching implications not only for Ripple but also for other cases involving the SEC. The outcome of this appeal could shape the future of securities law in the crypto industry.