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It was a quiet Friday session. There was no SEC v Ripple Court-related activity to draw interest. However, investors continue waiting to see whether the SEC and Ripple provide Judge Sarah Netburn with three mutually convenient dates to schedule a settlement conference.
On Monday, Judge Netburn issued a Court Order calling on the SEC and Ripple to find three mutually convenient dates to schedule a settlement conference, with the caveat that both parties believe it would be productive at this time.
It could be a long wait for those in hope of a settlement.
Defense attorney James Filan shared a WSJ article and the SEC pleading in the Terraform Labs/Do Kwon case, saying,
“In the SEC v Terraform Labs/Do Kwon case, the SEC has filed a pleading discussing Judge Torres’s decision in SEC v Ripple in which it states that SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review. SEC Says XRP Ruling Was Wrong, Signals It Will Appeal.”
Amicus Curiae attorney John Deaton responded to the appeal news by referencing the footnote of the Court ruling, saying,
“The common enterprise factor is even more difficult for the SEC to meet than the third factor of the Howey test. Even if the SEC was successful appealing Judge Torres ruling, all that happens is a Remand, and Judge Torres will likely decide the SEC failed to prove the common enterprise factor between Ripple and XRP holders in the secondary market.”
Deaton also pointed out that the SEC flip-flopped the common enterprise theory on three separate occasions before arguing that XRP represented the common enterprise.
For the XRP Community and XRP investors, an appeal could take years, not months, and would adversely affect XRP and the US digital asset space.
An SEC appeal, at the expense of the US taxpayer, should give US lawmakers more incentive to introduce an appropriate regulatory framework that ends the SEC rein of regulation by enforcement that has left market players exploring overseas expansion opportunities.
The Day Ahead
SEC v Ripple Court ruling-related chatter will remain the focal point. The SEC appeal-related news erased hopes of a settlement, leaving investors to monitor the news wires for an SEC filing this weekend.
However, beyond the SEC and Ripple, we expect Binance and Coinbase-related news to move the dial.
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