As XRP continues to struggle to find stability in the cryptocurrency market, the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) has taken another turn. The SEC has recently filed a reply memorandum to Ripple’s opposition to the certification of an interlocutory appeal.
In the reply memorandum, the SEC references the Weber v. US case to argue that the court should certify the interlocutory appeal. The regulator believes that the issues that have arisen from the court’s summary judgment are the same issues that Congress intended to address when introducing the interlocutory appeal in 2006.
The SEC also accuses Ripple of trying to delay the proceedings and emphasizes its own institutional interest in the efficient resolution of the case. It claims that Ripple’s actions are motivated by a desire to continue selling XRP in public markets, which the SEC considers to be illegal.
It’s worth noting that the SEC initially filed the motion for the interlocutory appeal on August 18th, following a summary judgment by the court on July 13th. The court had determined that XRP itself is not a security asset and that its sales in the secondary market should not be considered the sale of a security asset.
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Ripple responded to the SEC’s motion by submitting an opposition on September 2nd. The blockchain firm argued that for an interlocutory appeal to be filed, the case must reach a certain conclusion, which it claimed had not yet happened at that time.
With the SEC now filing a reply memorandum to Ripple’s opposition, the direction of the lawsuit remains uncertain. It will be intriguing to see how the legal proceedings unfold in the coming months.
Meanwhile, XRP’s price has experienced a decline as a result of these developments. Currently trading at $0.47, XRP has dropped 5.61% during the day and 6.01% over the week. This recent dip can be attributed to the coin losing a key support level of $0.50 just the day before.
The outcome of the SEC-Ripple lawsuit could have significant implications for the broader cryptocurrency market. As one of the largest cryptocurrencies, XRP’s legal status and regulatory clarity could impact investor sentiment and the overall trajectory of the industry.
Many cryptocurrency enthusiasts and members of the XRP community are closely following the developments of this lawsuit. They are eager to see how the court will address the key issues surrounding digital assets and their classification under securities laws.
It’s important to recognize that the outcome of this case could potentially set a precedent for future legal actions and regulatory oversight in the cryptocurrency space. The decision could shape the regulatory framework for digital assets and provide clarity for both industry participants and investors.
As the legal battle continues, it remains uncertain how long the proceedings will take and what the ultimate outcome will be. However, both Ripple and the SEC are likely preparing for a protracted legal fight, with significant implications for the future of XRP and the broader cryptocurrency market.
In conclusion, the recent actions by the SEC in response to Ripple’s opposition to the certification of an interlocutory appeal have added another layer of complexity to the ongoing lawsuit. While XRP’s price has suffered as a result, the outcome of this case has far-reaching implications for the cryptocurrency industry. Market participants, investors, and regulators alike will be closely monitoring the developments in the coming months.
