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Appeal in SEC v. Ripple Case Still Possible: Experts

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Wed, 4/10/2023 - 15:58
Appeal in SEC v. Ripple Case Still Possible: Experts
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The U.S. Securities and Exchange Commission's (SEC) case against Ripple is far from over. According to several legal experts, the potential for an appeal still exists, though not immediately.

A recent motion from the SEC for an interlocutory appeal was denied by the court. However, like many other civil cases, an appeal might still be in the cards once the full case reaches a conclusion.

Legal experts weigh in

Max Schatzow, a well-regarded voice on legal matters, has noted on X that the current situation is consistent with many other civil cases. The possibility exists for the SEC to appeal the case once it reaches its final conclusion. 

Cody Carbone, another legal expert, agrees with this perspective, emphasizing that an appeals process remains accessible post-trial. 

Related
Ripple vs. SEC: Here Are Important Dates to Follow in Ongoing Lawsuit

Similarly, Elliott Z. Stein, Bloomberg's senior litigation analyst, has explained that the recent denial only pertains to the immediate appeal before a final judgment. The standard litigation process allows for appeals once the trial concludes and all remedies have been determined. 

SEC's failed bid for interlocutory appeal 

Following the court's decision against the SEC's interlocutory appeal motion, the XRP token's price shot up by more than 4%. 

Detailing the denial, Judge Analisa Torres pointed out the SEC's inability to pose a clear question that could be addressed without a deeper examination of the case's specifics. 

The SEC's reference to the Terraform Labs case was also dismissed, with the court highlighting that potential disagreements between courts cannot be based on mere speculation. 

Additionally, the court highlighted the SEC's lack of evidence to show how permitting the appeal would significantly expedite the case. 

Ripple's chief legal voice once again affirmed that XRP is not classified as a security.

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