• Judge Analisa Torres has allowed the US Securities and Exchange Commission (SEC) to file an appeal against July 13 ruling on XRP.
• The SEC filed a letter seeking to file an interlocutory appeal against Ripple Labs over the XRP ruling.
• The timeline includes September 8 as the deadline for SEC to file a reply.
Judge Grants SEC Request To File Appeal In Ripple Case
SEC Seeks To Appeal July 13 Ruling On XRP
The US Securities and Exchange Commission (SEC) has been granted permission by Judge Analisa Torres to file an appeal against her July 13 ruling that public sales of XRP did not constitute an investment contract and thus not a security. On August 9, the SEC filed a letter seeking to file an interlocutory appeal against Ripple Labs over the XRP ruling.
Timeline Set For Appealing Process
Judge Torres has set out a timeline for both parties in the case, requiring that the SEC should have their appeal in place by August 18 while Ripple must respond with their opposition by September 1. The judge also provided a deadline of September 8 for the SEC to submit any replies they may have.
Ripple Opposes Interlocutory Appeal
In response to news that the SEC was filing an appeal, Ripple chief legal officer Stuart Alderoty noted that there is “no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.“ Despite this, Judge Torres granted permission for the interlocutory appeal.
SEC Sued Ripple Over Unregistered Security Allegations
The entire legal battle between Ripple and the regulator began when they were sued by SEC Chair Gary Gensler in December 2020 for alleged violation of securities laws by selling an unregistered security – namely, XRP.
Outcome Of Interlocutory Appeal Uncertain
John E Deaton of Crypto Law states that it could take up to three or six months for Judge Torres‘ final decision on whether or not she will grant permission for the formal motion of interlocutory appeal – thus leaving its ultimate outcome uncertain at this point in time.