Both Ripple Labs and the United States Securities and Exchange Commission (SEC) have offered its availability to proceed with the appeal in the second quarter of 2024.
Ripple presented a flexible calendar to the US federal court, stating its readiness for proceedings anytime. However, the SEC has specified certain constraints on its availability.
Progress Towards Securing a SEC v Ripple Appeal Date
In two separate letters made to Judge Torres of the US District Court For the Southern District of New York, Ripple and the SEC have both indicated its intention to move forward with the appeal in Q2 2024.
On Aug. 17, the court approved the SEC’s request to file an interlocutory appeal in the case against Ripple. This comes after the July 13 ruling that brought a partial victory for both the SEC and Ripple.
The court classified XRP, Ripple’s native token, as a security for institutional sales. However, it excluded the classification for sales to individual investors. The SEC plans to contend that it is, in fact, a security for both.
In the Aug. 23 letter to Judge Torres, Ripple Labs remains confident in the appeal, pointing out an empty calendar in Q2 2024:
“Defendant Ripple has no blackout dates and is available for trial throughout the second quarter of 2024.”
This comes after Brad Garlinghouse has expressed confidence that an appeal would only serve to solidify the fact that XRP is not a security.
Meanwhile, the SEC has blocked out 19 days over the quarter, approximately 21% of the period, as indicated in its letter to Judge Torres:
“The Commission is available for trial during the months of April, May and June 2024, with the exceptions of April 15 through to April 19, May 1 through May 7, and May 27 through May 31.”
The Future For Ripple
In December 2020, the SEC filed the lawsuit against Ripple, which went on for about 2.5 years. The recent verdict, which determined that XRP is not a security when traded on public exchanges, was well-received within the crypto industry. However, the SEC wasted no time in declaring its plan to challenge the decision through an appeal.
The SEC conveyed that the decision might carry implications for its ongoing legal action against crypto exchanges Binance and Coinbase. Both lawsuits allege similar security violations.
Merely a week following the verdict, on July 22, the SEC’s legal team signified their efforts towards preparing an appeal:
“SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”
Brad Garlinghouse, CEO of Ripple, has previously stated that the company has spent roughly $200 million on legal expenses in its battle against the SEC.
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