XRP Ruling: Legal Expert Predicts Timeline For US SEC Appeal
Crypto News: Following the landmark win in the lawsuit against the U.S. Securities and Exchange Commission (SEC), the crypto market is bullish over Ripple Labs and consequently, the XRP token price saw a clear jump. On July 13, 2023, U.S. judge Analisa Torres said the company did not violate federal securities laws in the sale of its XRP token on public exchanges. Judge Torres had ruled that the programmatic sale of XRP does not amount to the sale of a security. This has put the onus back on the US SEC, which now has a complex task at hand in convincing the judges for appealing the Summary Judgment.
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Meanwhile, Ripple is moving ahead with its expansion plans in Europe after the historic win in the SEC case. Earlier on Friday, CoinGape reported that the company applied for a crypto asset firm license with the UK’s Financial Conduct Authority (FCA) as well as a payment institution license with Ireland regulators.
Will The US SEC Request For Appeal Against XRP Ruling?
According to Bill Hughes, a lawyer with crypto wallet MetaMask’s developer ConsenSys, the federal regulatory agency will have to act quickly if they were to stand a chance to appeal against Judge Torres’ decision. Hughes explained that very soon the SEC would have to inform the district court that it wishes to appeal the summary judgment and seek permission to do so. If permitted, the SEC officials could present an argument as to why they need to appeal.
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