Ripple and SEC Request Delay on Appeals in Ongoing Lawsuit
Ripple Labs and the United States Securities and Exchange Commission (SEC) have opted to postpone appeals related to their ongoing lawsuit. They submitted a joint status report to the Second Circuit Court, requesting a modification of the final ruling by District Judge Analisa Torres.
Current Developments
- Two months ago, both parties sought to pause appeals after reaching a potential settlement.
- The SEC reduced Ripple's monetary penalty to $50 million and requested the lifting of a previous injunction preventing Ripple from selling XRP to US institutions.
- A notice of appeal was filed by the SEC in October 2024, challenging Ripple’s distribution methods and seeking a reassessment of legal interpretations from the initial ruling.
- Ripple has since submitted a cross-appeal addressing four key legal issues including securities transactions and the clarity of the injunction.
Judge Torres' Position
- Judge Torres indicated no compelling reason exists to amend the final judgment without specific conditions being met.
- The SEC and Ripple cited “exceptional circumstances” in their request to modify the ruling.
- Another status report from the SEC is expected by August 15.
- Legal analysts suggest that while amendments may not be immediate, there is a possibility of future concessions from the judge.
XRP's market performance shows fluctuations, currently trading at $2.23 with a 1.57% increase over the last 24 hours. The coin's market cap is approximately $131.4 billion, supported by a trading volume of $5.19 billion, reflecting a 158.27% rise in activity.
A resolution in the Ripple vs. SEC lawsuit could significantly impact XRP's price dynamics.