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SEC Can Argue for Right to Appeal Groundbreaking XRP Ruling in Ripple Case, Judge Says
A federal judge has let the U.S. Securities and Exchange Commission (SEC) argue it can appeal against her ruling that Ripple didn’t violate securities laws in making XRP available to retail traders by putting it on exchanges.
Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, granted the request for leave to file a motion to file an interlocutory appeal Thursday, giving the SEC until Friday to file the motion itself. The SEC announced it was filing the appeal last week, after hinting it would do so in July.
Because this isn’t very clear, the court has not granted leave to appeal – meaning SEC can appeal now.
It granted leave to file a motion for leave to appeal. The court just decided “ya we can deal with this issue”.
So, the issue itself – whether an appeal will go forward now -… https://t.co/vBbgr4CaYK
— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) August 17, 2023
Ripple has until Sept. 1 to file its response to the motion, and the SEC can reply by Sept. 8. Should the SEC win its motion, it can then ask an appeals court for permission file the actual appeal of the ruling.
A Ripple spokesperson didn’t have an immediate comment. An SEC spokesperson declined to comment.
Ripple Chief Legal Officer Stuart Alderoty previously said on X, the platform formerly known as Twitter, that the company opposed the request.
“There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal,” he said.
The price of XRP did not seem to react much to the order itself, though it is down roughly 4% over the past 24 hours, according to CoinGecko.
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CORRECTION (Aug. 17, 2023, 18:30 UTC): Corrects that if the SEC wins permission from Judge Torres to file an appeal, it must then seek permission from the Second Circuit Court of Appeals.
