• The SEC has filed a petition with the U.S. District Court for the Southern District of New York, asking Judge Analisa Torres to certify an interlocutory appeal in regards to XRP being a security or not.
• The market reacted positively to the news which sparked speculation of an impending altcoin season.
• A new trial is expected to begin in the second quarter of 2024 between April 1 and June 30, 2024.
SEC Petitions Judge For Appeal In XRP Security Case
The U.S Securities and Exchange Commission (SEC) has filed a petition late Friday, Aug. 18, asking Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, to certify an interlocutory appeal in regards to whether XRP is a security or not when sold to public retail traders.
Previous Ruling On XRP
Previously, Judge Torres ruled that XRP was not a security and this news was celebrated by the cryptocurrency community sparking market reactions and further speculation about an impending altcoin season. This decision left the SEC embarrassed so they are now seeking permission to appeal it as it could affect other crypto lawsuits they are currently involved in and have against some prominent players such as Binance and Coinbase.
Background To Ripple Lawsuit
The legal back-and-forth between Ripple (XRP) and SEC dates back all they way to December 2020 when the agency sued two executives from Ripple aiming at removing their cryptocurrency from different exchanges on grounds that it was considered a security by them but failed in court with this ruling .
Appeal Process & Timing
Judge Torres granted request from SEC allowing them 24 hours file motion for appeal after which another trial is expected begin in second quarter of 2024 between April 1st – June 30th 2024 .
Impact On Crypto Markets?
As this case progresses , its impact on crypto markets will be closely monitored given its implications on previous cases related to crypto currencies such as Bitcoin ETF approval by former SEC official who stated that it won’t happen any time soon .