The United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. have presented their calendar in two separate letters showing their availability for the appeal of Judge Analisa Torres’ July 13th ruling in the second quarter of 2024.
Ripple has indicated that it is ready for the proceeding anytime, while the SEC has outlined certain constraints challenging its availability. The SEC’s calendar shows that 19 days over the quarter have been blocked out, representing 21 percent of the period. The Commission is available for trial during the months of April, May, and June 2024, with the exceptions of April 15 through to April 19, May 1 through May 7, and May 27 through May 31.
These letters were presented to Judge Torres, who ruled that secondary sales of XRP do not constitute investment contracts and therefore, the token is not a security. Shortly after the judge’s decision, there were talks that the SEC plans to contest the ruling, citing that it conflicts with existing securities laws and misinterprets the Howey test used for determining securities. The SEC’s staff considered different avenues for further review and planned to recommend them to the regulator.
On August 9th, the SEC sent a letter to Judge Torres seeking a re-examination of her decision by an appellate court and requested that the case be put on hold during the appeal. The SEC expressed concerns that the outcome of the appeal could impact multiple pending cases involving crypto firms like Binance and Coinbase.
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Ripple, however, opposes the SEC’s request for an appeal. They argue that the SEC failed to align with the parameters of the Howey test regarding the distribution of XRP, justifying the rejection of the motion for appeal. Ripple also believes that the court’s decision is not governed by a predominant legal question and pursuing an immediate appeal will not hasten the end of the ongoing litigation.
Despite Ripple’s opposition, the court approved the SEC’s request to pursue an interlocutory appeal. Many pro-XRP personalities remain confident that Ripple will be victorious, as they believe the appeal will further strengthen the position that XRP is not a security, as ruled by Judge Torres.
Ripple’s CEO, Brad Garlinghouse, expressed confidence in this possibility, undeterred by the significant amount of money already spent on legal expenses during Ripple’s battle with the SEC.
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