The American Securities and Exchange Commission (SEC) has received permission from a New York federal judge to file a summary judgment motion in the lawsuit against Ripple (XRP). If the motion is granted, there is an opportunity to appeal the earlier July 13 decision.
Judge Analisa Torres ruled in this ruling that the sale of XRP via trading platforms does not violate US securities law. Last week, the American regulatory authority announced that it would appeal the verdict.
SEC wants to appeal against Ripple
With the appeal, the SEC wants to request a stay of the ongoing lawsuit against Ripple Labs. According to the US regulator, the outcome of several relevant cases, such as the lawsuits against Coinbase and Binance, could affect the XRP lawsuit.
Attorney Staurt Aldority, who is representing Ripple in this lawsuit, has one earlier message on X (Twitter) to oppose the SEC’s injunction. He says that “there are no exceptional circumstances here that warrant a departure from the rule that all issues involving all parties must be resolved before an appeal is filed.” He is referring to the fact that the SEC does not meet the necessary standard to proceed with an appeal.
Appeal granted
Despite Ripple’s opposition, Judge Torres granted the motion for a preliminary appeal last Thursday. Torres has given the SEC until today, August 18, to file the filing.
The American Securities and Exchange Commission However, there is still quite a mountain to be climbed before the appeal will be granted in full. If the court grants the application, the following procedure must be initiated United States Court of Appeals for the Second Circuit.
“And even if Judge Torres grants their motion, they still have a steep hill to climb – they must seek approval from the Second Circuit for appeal.”
Therefore Bill Hughes, Director of Global Regulatory Matters and Attorney ConsenSys. Even if America’s second highest court allows the appeal, the final steps to the US Supreme Court must be climbed.
Important dates for XRP enthusiasts
Judge Torres also set Ripple a deadline to respond to the SEC’s request. Ripple has until Friday, September 1, to file a response to the Securities and Exchange Commission’s appeal request. The US regulator can then in turn file a response defending Ripple. The judge has ruled that the SEC has until Friday, September 8th to respond to Ripple’s defense.
XRP price skyrocketed on July 13 due to the verdict in the lawsuit. XRP surged 75% to peak at $0.93. However, due to today’s carnage in the crypto market, the price has now fully fallen back to the same price as before the huge surge.
