SEC v Ripple Appeal Date Approaches Finalisation

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Both Ripple Labs and the United States Securities and Exchange Commission have offered its availability to proceed with the appeal in the second quarter of 2024. 

While Ripple presented its flexible calendar to the US federal court, ready for proceedings anytime, 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. 18, the court approved the SEC’s request to appeal the case against Ripple. This comes after the July 13 decision which resulted in a partial victory for both the SEC and Ripple.

The court classified XRP, Ripple’s native token, as a security for institutional sales, but excluded the classification for sales to individual investors. The SEC plans to contend that it is, in fact, a security for both.

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.”

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XRP Price Chart 1 Month. Source: BeInCrypto
XRP Price Chart 1 Month. Source: BeInCrypto

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:

“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.”

This is a developing story and more information will be added as it becomes available

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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