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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 03, 2024 07:25 UTC
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SEC Appeals Ripple Lawsuit Ruling: Process Timeline Revealed!
The SEC is appealing a federal judge's decision in favor of Ripple, arguing that the court misapplied the Howey Test.
The SEC has a 14-day window to file a form specifying its appeal issues.
The outcome of the appeal could have significant consequences for Ripple and the broader cryptocurrency industry.
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken another twist. The SEC has officially announced its appeal against a recent ruling by federal judge Analisa Torres, which favored Ripple. This appeal comes just two months after Judge Torres issued her final judgment in the SEC’s four-year-long case against the company, adding a new chapter to this ongoing saga.
At the heart of the SEC’s appeal is the claim that the district court misapplied the Howey Test, a key standard for identifying investment contracts.
The SEC argues that this misinterpretation undermines its authority to regulate cryptocurrency assets, raising concerns about future crypto regulation.
Key Timelines in the Appeal Process
Legal commentator FlyingEagle86 pointed out the timeline for the appeal process. The SEC typically has 30 to 40 days from the filing date of the Notice of Appeal to submit its opening brief. This document is essential for outlining the agency’s arguments to overturn the lower court’s decision.
After the SEC submits its brief, Ripple will have about 30 days to file its response, followed by a possible 14-day window for the SEC to reply.
Clarifying the Timeline
Legal expert MetaLawMan quickly clarified the timeline. According to him, the SEC actually has a 14-day period to file a form detailing the issues it plans to appeal. While he noted that his information might be outdated—having not dealt with a Second Circuit appeal since 2021—his insights provide valuable context for this high-profile case.
The Stakes Keep Rising for Ripple & SEC
With both sides gearing up for a lengthy legal battle, staying updated is crucial. Ripple CEO Brad Garlinghouse recently shared his frustration, stating that if SEC Chair Gary Gensler were “rational,” the agency would have dropped the case long ago.
The legal saga also comes amid broader changes within the SEC, including the announced departure of Gurbir Grewal, Director of the Enforcement Division.
The crypto world waits with bated breath. What’s next?
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