Judge Analisa Torres has approved the US Securities and Exchange Commission’s (SEC) request to file an appeal against a ruling made on July 13 in the case between the SEC and Ripple. The ruling stated that public sales of XRP did not qualify as an investment contract and therefore not a security. Ripple will have until September 1 to respond to the appeal.

Judge Sets Timeline for Appeal Process

The SEC has been given until August 18 to submit the appeal to the US Court of Appeals for the Second Circuit. Ripple, on the other hand, must file its opposition by September 1. The SEC will then have until September 8 to submit a reply. It is expected that Judge Torres will deliver a ruling on the appeal within three to six months.

Ripple Labs CEO Brad Garlinghouse and Executive Chairman Chris Larsen, along with the company itself, were sued by the SEC in December 2020. The SEC alleged that XRP was an unregistered security and that Ripple had violated securities laws by selling it.

SEC Chair Gary Gensler has faced criticisms for his regulatory approach to cryptocurrencies, as the SEC has also sued Binance and Coinbase.

FAQ

What was the previous ruling in the case between the SEC and Ripple?

The previous ruling, made on July 13, stated that public sales of XRP did not qualify as an investment contract and therefore not a security.

When will the SEC file its appeal?

The SEC has until August 18 to submit its appeal to the US Court of Appeals for the Second Circuit.

When will Ripple respond to the appeal?

Ripple has until September 1 to file its opposition to the appeal.

How long is the expected timeline for the appeal process?

It is estimated that Judge Torres will deliver a ruling on the appeal within three to six months.

What were the allegations made by the SEC against Ripple?

The SEC alleged that XRP was an unregistered security and that Ripple had violated securities laws by selling it.

Who else has the SEC sued in relation to cryptocurrencies?

Besides Ripple, the SEC has also sued Binance and Coinbase.

Who is Gary Gensler?

Gary Gensler is the Chair of the US Securities and Exchange Commission (SEC).