And here we go again! Things are accelerating for the call of the Securities and Exchange Commission (DRY) regarding the decision of Judge Analisa Torres. The fact that the token XRP don’t be not classified with securities (financial securities) had indeed no more to US regulators. Despite the recent Ripple’s attempt to block this callJudge Torres finally granted this favor to the SEC.
Ripple may have to defend its XRP against the SEC for months to come
The legal fight between the financial gendarmes of the DRY and the crypto-society Ripple Labs lasts since December 2020. However, it is not yet close to stopping, since the judge Analisa Torres, in charge of the case, has justto agree regulators the right to file a interlocutory appeal they were asking.
As reported by several crypto-media on August 17, 2023, the judge of the Court of the Southern District of New York therefore allows the SEC to file its appeal no later than this Friday August 18. The defending party will have until 1er september next to respond to this call.
But it is not not necessarily won for the SEC. Indeed, this request for appeal will have to be considered by the United States Court of Appeals for the Second Circuit. However, if the latter accepts it, it will be a big deal for months and months legal battles.
Obviously, this was not without consequence on the price of XRP. The latter lost a few percent after this validation by Judge Torres on the SEC’s appeal request. This, even before the violent and rapid bloodbath on the crypto-asset market does not trigger, in the last hour of this Thursday, August 17. This cumulative effect probably explains why Ripple’s token emerges as one of the top cryptos in the redwith -13% over 24 hours, at the time of this writing.