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- A strong rumor is that Ripple’s case with the US SEC could come to a settlement during the victory party on September 29.
- Later today, Ripple will respond to the interlocutory motion filed by the SEC.
In July, a court ruling gave Ripple a green light stating that the retail sales of their native crypto XRP do not constitute securities. However, the U.S. Securities and Exchange Commission (SEC) has no intention to concede defeat and has filed for an interlocutory motion.
Earlier this week, Ripple CEO Brad Garlinghouse tweeted that they would celebrate the win against SEC with a proper victory party on September 29. This has led the rumor mill spinning with analysts stating that Ripple can announce the settlement with the US SEC during the victory party.
🚨Rumors: Ripple will announce SETTLEMENT during the Party in NYC on September 29th. 👀🔥 #XRP pic.twitter.com/68ivhryaQV
— JackTheRippler ©️ (@RippleXrpie) August 31, 2023
The celebration isn’t merely symbolic; it also serves as an opportunity to contemplate the broader implications of Ripple Labs’ legal victory. With the court validating Ripple’s assertion that XRP isn’t a security, it establishes a precedent that has the potential to reshape the regulatory landscape for cryptocurrencies.
This development comes at a pivotal moment as the industry undergoes transformation. It also underscores the significance of well-defined regulations for fostering the crypto sector’s growth. Ripple attorney John Deaton also shared his insights on the matter. “The @SECGov, like many federal agencies, has lost complete sight of its mission and purpose. It literally ignores the law. Digital assets and the Ripple XRP case are the perfect examples,” he noted.
On September 29th, individuals and innovative companies will convene in NYC for an event highlighting their influential role in shaping the future of blockchain. This gathering happens as cryptocurrencies and blockchain technology continue to capture increased interest from conventional financial institutions and investors.
Ripple to Respond to SEC’s Interlocutory Motion
Later today, September 1, Ripple is most likely to submit its much-anticipated response to the SEC’s motion for an interlocutory appeal. Contrary to some beliefs, the SEC hasn’t initiated its appeal yet. What occurred was the judge granting the SEC the authority to draft a formal appeal request, without any further action taken.
#XRP #XRPCommunity
Ripple's response to the SEC's motion for permission to file an interlocutory appeal is due tomorrow September 1st. Can't wait to see it! 👀 pic.twitter.com/uty1Q4C7dp— Ashley PROSPER (@AshleyPROSPER1) August 31, 2023
John Deaton, a cryptocurrency attorney and founder of CryptolawUS who supports XRP, shared his predictions during the XDC Live blockchain industry conference in Texas. Deaton anticipates that Judge Analisa Torres will reject the SEC’s interlocutory appeal and speculates that the SEC won’t be able to file a complete appeal until late 2024.
Ripple is actively engaged and hasn’t adopted a passive stance while awaiting developments. They’ve already requested Judge Torres to reject the SEC’s initial appeal plans. It’s highly probable that Ripple will once again oppose the motion before the September 1 deadline.
Once Ripple presents its response, the SEC has one week to address any raised concerns. This period offers Judge Torres an opportunity to reaffirm the validity of her initial judgments. As per Deaton, she will likely seize this chance to demonstrate that her decisions are firmly rooted in evidence and established legal principles.
The focus now shifts to Ripple. Will they present a compelling argument? Will the SEC’s quest face further delays? It will be interesting to see how the XRP price reacts to the development.
