- The SEC is set to file an interlocutory appeal against a ruling favorable to Ripple, intensifying the legal scuffle between the two.
- Defense lawyer James Filan discloses that the trial dates for Q2 2024 have been communicated, adding to the drama surrounding Ripple’s clash with regulatory authorities.
The Protagonists Prepare: New Twists and Turns in Ripple vs SEC Saga
As the cryptocurrency world braces itself for the next round of legal combat between Ripple and the United States Securities Exchange Commission (SEC), the minutiae of legal maneuvering come into sharper focus. The SEC has expressed its intent to file an interlocutory appeal against a recent ruling by Judge Analisa Torres, which had tilted somewhat in Ripple‘s favor. Though seen as a partial win for Ripple, the SEC’s impending appeal ensures that the litigation is far from over.
Ripple has already contested the SEC’s move to expedite the appeal process, highlighting the stakes and complexities involved. In a strategic move, defense lawyer James Filan divulged that the SEC has shared its availability for trial dates in Q2 2024. The stakes are high, and both sides are donning their legal armor.
Untangling the Web: Factors Shaping the Outcome
Insiders privy to the case offer insights into elements that could be game-changers. One such revelation comes from John Deaton, a lawyer representing XRP holders. He disclosed an unpublished memo from the SEC, stating that Judge Sarah Netburn found the memo significant enough to cite it, emphasizing that its authors did not recommend any action against XRP. Intriguingly, back in June 2018, the SEC had pondered whether XRP constituted a security, deciding not to pursue any action at that juncture.
Simultaneously, legal debates over the interpretation of the Howey Test—the judicial litmus test to determine what constitutes a security—are slated to unfurl in the courtroom. Deaton has vociferously critiqued the SEC for its perceived misapplication of the Howey Test in regulating cryptocurrencies.
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It’s not just the Howey Test; Ripple’s legal team is likely to spotlight the SEC’s recent setback concerning its denial of Grayscale’s Bitcoin ETF. Stuart Alderoty, Ripple‘s Chief Legal Officer, has already alluded to the SEC “getting battered in court,” potentially setting a precedent that could reverberate across other crypto-related legal cases.
For now, XRP’s price response to the case’s eventual outcome remains a point of focus. After the initial ruling declaring XRP as not a security, the token experienced a price upswing, impacting the broader market. Should the appeal tilt unfavorably for Ripple, the market will be keen to observe XRP’s performance.
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