- SEC seeks an interlocutory appeal in the legal case with Ripple.
- XRP has seen a 2% fall in the last 24H as per CoinMarketCap.
After the partial win against the United States Securities and Exchange Commission (SEC), the crypto firm Ripple had seen a market surge with a positive impact. The SEC said that it will be seeking an interlocutory appeal, which is a review of a judgment prior to the full trial’s conclusion.
Moreover, in a statement released on Wednesday, Judge Analisa Torres said that she would want to have a jury trial for this case planned for the second quarter of 2024.
The letter to Judge Torres from the U.S. SEC indicates:
“Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed.”
Furthermore, the U.S. SEC added that there needs a certification of the court’s decision claimed by Judge Torres on Ripple’s securities. Concerning this, an attorney of Criminal Defense, James K. Filan condemned the legal battle proceedings of the SEC on the pending appeal, as an unexpected event at the moment.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”…
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 9, 2023
Thereby, the XRP’s price has been facing a fall of around 2% compared to the previous day. Also, there was a surge of 31.85% in trading volume over the last 24 hours. Moreover, the market cap has dropped 2.43% amid rising concerns over another prolonged legal battle.
At the time of writing, XRP is trading at $0.6289 according to CoinMarketCap. Meanwhile, as per Judge Torres, the case has been kept on hold with the other issues coming up. And, it depicts the reassurance demanded by the SEC as the Judge has ruled out the judgment for the upcoming second quarter of the year 2024.
The U.S. SEC continues to enforce regulatory scrutiny on the industry so that the laws and restrictions are maintained by the firms. When the crypto community felt that the battle between Ripple and the SEC has just ended, there comes another unexpected appeal being raised by the SEC.
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