Judge Analisa Torres has allowed the US Securities and Exchange Commission (SEC) to file an appeal against the July 13 ruling on XRP. The SEC’s letter was filed on August 9 and they have been granted a timeline to file their appeal by August 18, with Ripple to respond by September 1.
SEC Chair Gary Gensler has come under criticism for his approach to crypto regulation, and has sued Ripple and two of its executives – CEO Brad Garlinghouse and executive Chairman Chris Larsen – in December 2020. The suit alleges that XRP is a security and that Ripple had violated securities laws by selling an unregistered security.
John E. Deaton of Crypto Law. US believes that it could take 3-6 months for Judge Torres to deliver a ruling on the filing. Ripple Labs chief legal officer Stuart Alderoty noted that there is “no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.”
The latest news on Ripple and XRP involves Judge Analisa Torres allowing the SEC to file an appeal against the July 13 ruling on XRP. The SEC must file by August 18 and Ripple must respond by September 1. The SEC had sued Ripple, CEO Brad Garlinghouse and executive Chairman Chris Larsen in December 2020, and Gary Gensler has come under fire for his approach to crypto regulation. John E. Deaton predicts it could take 3-6 months for Judge Torres to deliver a ruling on the filing.
