The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to unfold. Recently, the SEC filed a motion for the court to certify an interlocutory appeal of its ruling in favor of Ripple Labs. The Commission seeks to appeal the rulings that the programmatic offers and XRP sales by Ripple on trading platforms do not violate securities laws and that the distribution of the token as payment for services was not an investment of money.
The SEC argues that these rulings involve controlling questions of law and obtaining an appellate ruling on these issues now may materially advance the termination of the litigation. However, CryptoLaw’s John Deaton predicts that the court would likely deny the SEC’s appeal, forcing them to wait until the end of 2024 to file a full appeal.
Deaton clarified that there is no appeal currently, as the court merely approved the SEC’s request to write a motion for an interlocutory appeal. He believes that the court only approved the request to show that the ruling is based on evidence. According to Deaton, the motion would likely be rejected.
Ripple has until September 1 to respond to the interlocutory motion, and the SEC would have until September 8 to respond as well. Ripple previously asked the court to object to the request for appeal when it received the hint earlier.
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Investors have gained confidence in Ripple’s case following Deaton’s prediction. The market has shown a bullish sentiment, with a 3 percent surge in the XRP price in the last 24 hours, reaching $0.537519. If the court denies the motion, the market could experience a similar bullish run that previously took the price to $0.93 after a partial win. However, if the court’s decision goes against Ripple, the XRP price could revert to its downward trend.
It’s important to note that the outcome of the appeal will have significant implications for the cryptocurrency market as a whole. The SEC’s efforts to regulate cryptocurrencies have been closely watched by investors and industry participants. A favorable ruling for Ripple could potentially set a precedent for other cryptocurrencies facing similar legal challenges and provide more regulatory clarity in the industry.
In the meantime, the legal battle between Ripple and the SEC continues to be a topic of interest and speculation in the crypto community. Many are eagerly awaiting the court’s ruling on the interlocutory appeal and its potential impact on the future of Ripple and the broader crypto market.
It’s worth noting that the information provided in this article is based on predictions and speculations made by industry experts and does not constitute financial advice. Investors should conduct their own research and exercise caution when making investment decisions in the cryptocurrency market.
In conclusion, the legal battle between Ripple and the SEC is ongoing, with the SEC filing a motion for an interlocutory appeal of its previous rulings. John Deaton, a prominent figure in the crypto industry, predicts that the court will likely deny the appeal, forcing the SEC to wait until the end of 2024 to file a full appeal. The outcome of the appeal will have significant implications for Ripple and the broader crypto market, and investors are closely watching the developments in this case.
