The SEC vs. Ripple Legal Drama Continues: Judge Grants SEC Appeal
It seems that the legal battle between the SEC and Ripple is not over yet. A judge has allowed the SEC to file an appeal in the ongoing case. Previously, the judge ruled that XRP, the flagship cryptocurrency of Ripple, was not a security when sold to the public on exchanges but became a security when sold to institutional investors. This ruling was seen as a victory for the crypto world and could have implications for other cryptocurrencies facing similar legal battles.
However, on August 17, the judge granted the SEC’s request to file an interlocutory appeal. This does not guarantee the appeal will be accepted, as the Second Circuit still needs to review the application. The SEC is expected to file its motion by August 18, with opposition papers from defendants due by September 1 and a reply from the SEC by September 8.
The SEC has already indicated its intention to pursue the case further, and if the appeal is approved, the SEC vs. Ripple saga could continue for several more months. This ongoing uncertainty has already had an impact on XRP, with a 3.6% drop in price within an hour of the announcement.
Key Points:
- The SEC has been granted permission to file an appeal in the SEC vs. Ripple case.
- The previous ruling stated that XRP was not a security when sold to the public but became a security when sold to institutional investors.
- If the appeal is accepted, the case could continue for many more months.
- All defendants have until September 1 to file their opposition papers.
- The SEC has already signaled its intention to pursue the case further.
Hot Take:
The SEC vs. Ripple legal drama is far from over. With the SEC being granted permission to file an appeal, the case could drag on for an extended period. This uncertainty is already affecting XRP’s price. As the crypto community awaits further developments, the outcome of this case could have significant implications for the regulation of cryptocurrencies as securities.