[ad_1]
\n<\/p>\n
The Reply Memorandum allows the SEC to respond to the Ripple\u00a0opposition<\/a>\u00a0filing to the SEC\u2019s\u00a0motion<\/a>\u00a0for interlocutory appeal.<\/p>\n Certain sections of the Reply Memorandum raised eyebrows. While justifying the appropriateness of an interlocutory appeal, the SEC stated an interlocutory appeal was necessary to address the Defendants\u2019 intentions to prolong the case \u201cso that they may continue selling XRP into public markets.\u201d<\/p>\n The SEC referred to Judge Torres\u2019 ruling on Programmatic Sales, noting the Court\u2019s order on summary judgment presented \u201cknotty legal problems\u201d.<\/p>\n Ripple Chief Legal Officer Stuart Alderoty reacted to the SEC\u2019s arguments, saying,<\/p>\n \u201cAnother SEC filing, another hypocritical pivot\u2026 After years of its chairman saying the \u201crules are clear and must be obeyed\u201d the SEC now cries that an appeal is urgently needed to resolve these \u201cknotty legal problems.\u201d<\/p>\n<\/blockquote>\n Investors must now await Judge Torres\u2019s ruling on the SEC\u2019s motion for interlocutory appeal. Legal experts expect the appeal process to take one to two years, during which time, as per the SEC\u2019s request, the Court would pause the ongoing SEC v Ripple case.<\/p>\n The crypto market now has two pending Court rulings that could materially alter the US crypto landscape.<\/p>\n A Judge Failla ruling on the Coinbase (COIN<\/a>)\u00a0motion<\/a>\u00a0to dismiss (MTD) could prove pivotal. The SEC alleges Coinbase operates as an unregistered securities exchange, broker, and clearing agent.<\/p>\n Should Judge Failla, the presiding Judge in the SEC v Coinbase case, grant the MTD, the SEC will face a second ruling that offers judicial clarity on whether cryptos are securities.<\/p>\n In April, SEC Chair Gary Gensler categorized all cryptos, except BTC<\/a>, as securities. At the time, Ripple CLO Alderoty reacted to the statement, saying<\/a> that Gensler should recuse himself from involvement in enforcement cases that question the classification of cryptos \u201csince he has prejudged the outcome.\u201d<\/p>\n A favorable ruling on the Coinbase MTD and Judge Torres denying the SEC\u2019s motion for interlocutory appeal could raise questions over the SEC\u2019s oversight of the crypto market. Judicial rulings that do not classify cryptos as securities may also force US lawmakers to hastily address the regulatory gap that plagues the US digital asset space.<\/p>\n\n
Coinbase and Ripple Are Pivotal Cases for the US Crypto Market<\/h2>\n
XRP Price Action<\/h2>\n