The SEC’s request to file a motion to further argue its case against Ripple over the security status of XRP has been granted by Judge Analisa Torres.
Howbeit, this decision does not imply that the Judge has approved the interlocutory appeal, but a way for the SEC to proceed with its mission.
The new development was first shared by James K. Filan, a defense lawyer and federal prosecutor. According to James K. Filan, a defense lawyer and federal prosecutor, the court has not authorized the SEC’s request to appeal but only granted the filing of the request.
James K. Filan tweeted, “The Court has set a briefing schedule for the SEC’s request to file a Motion for Leave to File an Interlocutory Appeal. This does not mean an interlocutory appeal has been authorized. It just means the SEC is allowed to request it.”
#XRPCommunity #SECGov v. #Ripple #XRP The Court has set a briefing schedule for the SEC’s request to file a Motion for Leave to File an Interlocutory Appeal. This does not mean an interlocutory appeal has been authorized. It just means the SEC is allowed to request it. pic.twitter.com/vjsUSJELU6
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 17, 2023
Intriguingly, Ripple already went ahead of time to file an opposition to SEC’s appeal request over XRP’s victory, as earlier reported by TimesTabloid.
Emphasizing its reasons for opposition, Ripple said the court’s verdict stands firm without any prevailing legal discrepancies. Moreover, the SEC has failed to offer any concrete rationale to counter the decision.
The cross-border payment firm also stated that even if the SEC pushes forward with its appeal, it would signify the end of the protracted lawsuit.
What the SEC Hopes To Review
The summary judgment by Judge Torres was double-faced. The New York District Court Judge declared XRP’s programmatic sales as non-securities while pronouncing the cross-border crypto firm sales of XRP to institutional clients as securities.
The SEC seemed unsatisfied with the Judge’s ruling on programmatic sales and wants to review that aspect of the verdict at a higher court.
Possible Implications Of An Appeal On XRP’s Growth
The court’s approval of SEC’s motion for interlocutory appeal would undoubtedly pave the way for another round of court proceedings that would significantly impact XRP’s price.
While potential implications of the anticipated appeal on XRP’s ascent seemed to remain speculative, the typical belief is that the token might witness stiff resistance in different phases of its price movement.
However, the outcome of the final judgment would determine a lot in the crypto space. A positive outing for Ripple would be good news for XRP and the crypto community.
On the other hand, a favorable outcome for the regulatory body might spew doom for most crypto projects, including top exchanges like Binance and Coinbase, implicated for facilitating the sales of security assets.
Meanwhile, while momentum continues to grow in the wake of an impending appeal, Brooke Masters, a U.S. Financial Editor at the Financial Times, recently discussed the implications of the SEC’s motion for appeal, per a previous report.
Brooke noted that the SEC’s appeal decision could invite the Supreme Court, especially its conservative majority, to question the SEC’s overreach.
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