In July, the endless lawsuit between Ripple (XRP) and the US Security and Exchange Commission (SEC) took a surprising turn. The judge ruled that selling XRP tokens on cryptocurrency exchanges generally does not fall under US securities law.
This was a huge win for Ripple and XRP holders. Shortly after the ruling, it became clear that the SEC did not agree with the ruling and would appeal it. The SEC wants this appeal to be heard as quickly as possible, but Ripple’s lawyers, in turn, are opposing the SEC’s request.
The SEC wants a quick appeal in the XRP lawsuit
It Makes You Desperate : The countless tails of the suit. The question is how long will this lawsuit last? David Schwartz, Ripple’s CTO, warned about this a week or two ago. Then he said that an appeal usually takes a year. The SEC currently requires that the lawsuit be halted and the appeal resolved first.
This is not normal behavior. Normally, these types of appeals are only dealt with after a case has been brought to court, unless “exceptional circumstances” are involved. According to the SEC, this is the case, and therefore the financial regulator wants to deal with the appeal as quickly as possible.
Ripple does not want to stop the XRP lawsuit
On September 1, Ripple’s lawyers objected to this special request from the SEC. According to the objection, the SEC does not clearly indicate why this is an exceptional circumstance, and the reason for the SEC’s request is based solely on “dissatisfaction” with the July ruling. According to Ripple’s lawyers, there are no exceptional circumstances to stop the lawsuit.
-James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 1, 2023
It is now up to a judge to decide whether to stay the lawsuit to resolve the SEC’s appeal. However, the likelihood of a judge actually doing so seems very slim. The judge also previously indicated he wanted a jury verdict in the second quarter of 2024.
Avid music fanatic. Communicator. Social media expert. Award-winning bacon scholar. Alcohol fan.