Ripple Labs (XRP) recently achieved a partial victory in its ongoing case against the US Securities and Exchange Commission (SEC), causing the price of XRP to surge to $0.93. However, a few weeks after the ruling, the SEC requested that the case be put on hold while they appeal. The SEC argues that the outcome of the appeal could potentially impact several other pending court cases involving crypto firms, including Binance and Coinbase.
The SEC cited the recent judge’s decision in the suit against Terraform Labs as further evidence that cryptos sold on exchanges could be considered securities. Judge Analisa Torres approved the SEC’s request to file a motion for leave to file an interlocutory appeal in the case. This development highlights the potential impact of the Ripple case on the broader crypto industry.
Amidst these legal proceedings, Ripple CEO Brad Garlinghouse has enlisted the support of two prominent lawyers from the law firm Cleary Gottlieb Steen & Hamilton LLP. Attorney Caleb J. Robertson has formally requested access to all relevant legal documents and communications related to the case, while Michael A. Schulman has filed a motion to appear “Pro Hac Vice” on behalf of Garlinghouse. Robertson’s background as a crypto advocate and his experience in government investigations within the crypto industry make him a valuable addition to Ripple’s legal team.
The original allegation against Garlinghouse and Ripple co-founder Chris Larsen is that they manipulated customers’ funds through the sales of XRP, which the SEC classifies as unregistered securities. The trial is expected to take place in the second quarter of 2024 in the Southern District of New York. Both parties are required to submit blackout dates to the court in two weeks and are also expected to submit pretrial filings, document exhibits, and motions by December 4, 2023, to exclude evidence from the jury.
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Despite the progress in the Ripple vs. SEC case, there are concerns that the summary judgment does not set a precedent for other tokens and issuers. The outcome of this case will be closely watched by the crypto industry, as it could provide clarity on how securities regulations apply to cryptocurrencies.
As for the current state of XRP, it is currently trading at $0.518456. While its price has slightly recovered from a weekly fall of 13 percent, it is still in negative territory. The price has seen a 0.23 percent increase in the last 24 hours, with a safety score of 64/100. The volatility and uncertainty surrounding the legal case have contributed to XRP’s price fluctuations.
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