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SEC v Ripple Appeal Chatter Leaves XRP Flat Ahead of Court Filings
It was a quiet Sunday session. SEC plans to appeal the Court ruling on Programmatic Sales remained the focal point.
Reports of the SEC misusing Ripple’s quarterly XRP Markets Report continued to do the rounds on Sunday.
Earlier this month, Ripple CEO Brad Garlinghouse had this to say about SEC tactics in the SEC v Ripple case,
“We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency, but I suspect they’re going to look a bit different moving forward.”
In the Q2 2023 Report, Ripple focused on the SEC v Ripple case, the Court ruling in programmatic sales, and misconceptions. The report stated,
“While published in a good faith effort at transparency, these quarterly reports have been weaponized against the Company by the SEC. Ironic for an agency that touts transparency and disclosure.”
In response to the SEC motion for leave to file an interlocutory appeal, Ripple Chief Legal Officer Stuart said,
“The SEC does not have the right to appeal just yet, which is why they are asking permission to file an interlocutory appeal. Ripple will file its response with the Court next week. Stay tuned.”
Investors will await the Ripple response to the motion that could come as early as today.
Judge Torres will then rule on the motion, with uncertainty over the Court decision leaving XRP in limbo. Amicus Curiae attorney John E Deaton shared his view on the filing, saying,
“I expect Judge Torres to grant this motion. This will then allow her to even more fully explain her reasoning and to also further make it appeal-proof. It will also allow her an opportunity to address anything Rakoff said.”
Judge Rakoff said that Judge Torres made a mistake in the SEC v Ripple Court ruling when declaring that XRP was not a security when sold on exchanges. Rakoff believed that there is no difference between stocks and institutional sales in terms of being a security.
The Day Ahead
It could be a busy start to the week. The SEC v Ripple case remains the focal point, with a Ripple response to the SEC motion likely to move the dial. However, it is uncertain how long it would take for Judge Torres to decide on the SEC motion. A lengthy decision-making process could leave XRP on the back foot.
Investors should also monitor SEC activity and US lawmaker chatter, while ETF, Binance, and Coinbase-related news will move the dial.
A response to the request to dismiss the SEC case against Coinbase would influence market sentiment.
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