The US Securities and Exchange Commission (SEC) is moving closer to filing an appeal against their recent partial defeat in their lawsuit against Ripple.
James K. Filan, a lawyer and crypto lawyer, notes that District Judge Analisa Torres has prepared a briefing schedule for “the SEC’s request to file a motion for leave to file an interim appeal.”
“This does not mean that an authorization has been given on appeal. It just means the SEC can ask for it.”
Torres says in her order that the SEC must file their motion by August 18, Ripple must file its opposition papers by September 1, and the SEC must file its response, if any, by September 8.
XRP plummeted after the court order was filed, dropping from around $0.571 to around $0.499 at the time of writing, down more than 12%, following the general trend of the broader crypto markets.
The SEC sued Ripple in late 2020 because the San Francisco-based payment company sold XRP as an unregistered security.
Last month, Torres ruled that Ripple’s automated, open-market sale of XRP, known as programmatic selling, did not constitute a security offering, contrary to what the SEC claimed.
However, the judge concurred with the SEC’s claim that Ripple’s sale of XRP directly to institutional buyers constituted a securities offering.
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