Court Approves SEC to Request an Appeal on Ripple’s XRP Case

SEC gets approval to file a motion for leave and pursue an appeal against XRP crypto case ruling.

Brad Garlinghouse getting a thumbs up from the court judge
Created by Kornelija Poderskytė from DailyCoin
  • The SEC can be listened to on the XRP case appeal.  
  • The commission will file its motion in another court.
  • The SEC vs. Ripple Labs lawsuit is still ongoing.

The U.S. Securities and Exchange Commission (SEC) has been given the green light to file its motion for leave and pursue an appeal against Ripple Labs’ XRP crypto case. In a court order dated August 17, Judge Analisa Torres directed the SEC to file the motion by August 18, while the defendants have up to September 1 to respond.

The securities regulator wrote to Judge Torress on August 9, citing various grounds for a potential appeal against the ruling that XRP is not a security when sold to retail investors via exchanges. Notably, the SEC argued that the ruling could impede its enforcement obligations alongside its handling of multiple lawsuits.

Ripple Labs Opposes the Potential Appeal

While the SEC has argued before that the XRP crypto case ruling warrants a fresh review by a federal appellate court, Ripple Labs has been vocal about its opposition to the move. Two days ago, through its lawyers, the company wrote to the court asking Judge Torress to quash the SEC’s motion until a final full judgment is given.

Ripple’s Chief Legal Officer, Stuart Alderoty, also recently blasted the securities regulator on a Twitter post, noting that “ The SEC does not have the “right” to appeal just yet, which is why they are asking permission to file an “interlocutoryappeal.”

A Steep Hill Ahead

The recent court order by Judge Torress isn’t yet a win for the SEC. The commission must still file the appeal motion with the Second Circuit Court of Appeals to get another approval. If that comes to pass, the circuit court may issue a stay on the ongoing litigation until all matters in the appeal have been resolved.

Read about the anonymous party who enjoined the ongoing Ripple Labs case:
Anonymous Banker Rejoins SEC vs. Ripple Labs Legal Battle: Who Could It Be?

Here is why the SEC may not approve Spot Bitcoin ETF in the U.S.:
SEC Unlikely to Approve Spot Bitcoin ETF: Ex-SEC Chief

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.