Ripple vs SEC: The Court allows the SEC to file its motion but…
- The Court allowed SEC to file for an Interlocutory Appeal.
- XRP’s price action was in tandem with the bulls and showed no signs of reversal.
Just when everyone thought that the battle between the Securities and Exchange Commission (SEC) and Ripple reached an outcome, things took a turn. As reported by AMBCrypto, the SEC requested to file a Motion for Leave to File an Interlocutory Appeal on 9 August.
Almost a week later on 16 August, Ripple filed their opposition motion asking Judge Torres to rule against the motion put forth by the SEC. And on 17 August, Judge Torres had a reply.
Where do we go from here?
On 17 August Attorney James K. Filan tweeted that the court has set a briefing schedule for the SEC’s request. However, Attorney Filan also explicitly stated that the setting of a schedule doesn’t mean that the SEC’s request was granted.
#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
To clarify the stance of the Court, he also stated that the Court has only allowed the SEC to file for an appeal. This means that whether Judge Torres would approve the SEC’s motion for the Interlocutory Appeal remains undecided.
Additionally, the document also stated that the SEC was expected to file its motion by 18 August. Furthermore, the Defendants’, that is, Ripple would file their motion on 1 September. Additionally, the SEC, if wishes to reply to Ripple’s motion, would have to do so by 8 September.
Thus, it remains to be seen which way the Court’s decision will sway. While Ripple supporters may not be happy with the events on the legal front, XRP didn’t exactly have anything to offer to investors on the price front either.
Has XRP changed its course?
On 16 August, XRP wasn’t exactly in the best of spirits and the same sentiment continued on 17 August. At press time, XRP ranked#5 on CoinMarketCap’s list of cryptocurrencies. However, its price action remained red.
XRP exchanged hands at $0.576. It was trading 0.11% lower in the last hour, 3.50% down in the last 24 hours, and a whopping 9% in the last seven days.