Ripple Case Update: SEC Appeals, Jury Trial Expected in Q2 Next Year, XRP Price Unaffected

The U.S. Securities and Exchange Commission has filed an appeal against a previous unfavorable ruling, with other charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen expected to be decided by a jury in the second quarter of next year. However, the trading market seems indifferent, as the price of XRP has not fluctuated significantly. Is the "SEC appeal" perceived as a stalemate by cryptocurrency investors?

What is an Interlocutory Appeal in the Ripple Case?

In the United States, when a civil lawsuit has not been fully concluded and all charges have not been ruled upon, one party may file an appeal known as an interlocutory appeal.

Interlocutory appeals are only allowed in specific circumstances as defined by federal courts and state courts.

According to court documents, the SEC has filed an interlocutory appeal, but it has not been granted yet. The SEC needs approval from the United States District Court for the Southern District of New York, the appellate court, and for the appeal to be heard by the United States Court of Appeals for the Second Circuit.

SEC Appeals Against Unfavorable Ruling

In the filing, the SEC stated that they are seeking the court to reaffirm the previous unfavorable ruling:

The court's judgment found that Ripple engaged in programmatic sales of XRP to buyers in the secondary market, and that Ripple exchanging tokens for labor and other services did not meet the Howey Test. The SEC wants the court to reaffirm these views.

In mid-July, it was emphasized that there is still room for appeal in the case, which caused a significant market surge when the news broke.

Recap: Ripple Wins? SEC Hits a Wall! XRP Not a Security, Not an Investment Contract, Crypto Community Secures a Regulatory Victory?

Ripple Case Jury Verdict Expected in the Second Quarter of Next Year

According to legal documents, the jury verdict involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, who are accused of involvement in the illegal securities issuance of XRP tokens, aiding and abetting Ripple in violating certain regulatory laws, will be conducted in the second quarter of next year at the Southern District Court of New York.

Market Reacts Mildly to SEC Appeal

Is the "SEC appeal" seen as a stalemate in the crypto market?

XRP has only dropped by 0.18% in the past 24 hours, showing minimal reaction to the news.

Since the favorable ruling on July 13th, XRP has risen by 36%, but has also dropped by as much as 32% from its peak.