- Federal judge grants SEC permission to pursue an appeal in landmark XRP case.
- Ripple is given until September 1 to respond to SEC’s motion for appeal; SEC can reply by September 8 if the motion is successful.
- The market response remains muted despite the potential impact on XRP’s legal status.
The decision by Judge Analisa Torres of the US District Court for the Southern District of New York allows the US Securities and Exchange Commission (SEC) to file a motion for an interlocutory appeal, marking a pivotal step forward in the legal battle.
Ripple, the company at the center of the case, now has until September 1 to respond to the SEC’s motion for appeal. If the motion is successful, the SEC will have the opportunity to reply by September 8. This timeline sets the stage for a critical phase in the proceedings, as the outcome of the appeal could have far-reaching implications for the legal status of XRP and other cryptocurrencies.
Despite the potential ramifications for the crypto market, the immediate response has been relatively subdued. The price of XRP exhibited a marginal decline of approximately 4% over the past 24 hours, according to CoinGecko data. This muted market reaction highlights the case’s ongoing uncertainty and eventual impact on the broader cryptocurrency landscape.
While the SEC’s push to appeal the XRP ruling marks a significant milestone, there are still hurdles to overcome. The Second Circuit Court of Appeals must grant its endorsement for the appeal process to proceed.
The SEC’s bid to appeal the XRP ruling is making strides, but the path ahead remains intricate and uncertain. As this pivotal legal saga unfolds, the crypto community, stakeholders, and observers eagerly await further developments.
