Ripple Labs and the United States Securities and Exchange Commission (SEC) have stated their willingness to pursue their appeal, with a target date of the second quarter of 2024. While Ripple has shown a flexible approach to the processes, the SEC has set certain timelines for the appeal process.
Ripple recently demonstrated its willingness to the US federal court by presenting an open calendar for the appeal proceedings. The SEC, on the other hand, has set a stricter schedule, allotting a total of 19 days in the second quarter of 2024.
Both Ripple and the SEC separately communicated their intention to proceed with the appeal in the second quarter of 2024. These letters were directed to Judge Torres of the US District Court for the Southern District of New York.
The recent SEC approval to appeal in the ongoing Ripple case sets the backdrop for this development. This followed a July 13 ruling, classifying XRP differently for sales. This verdict came after a ruling on July 13 that gave both parties a partial victory. The court defined XRP, Ripple’s native cryptocurrency, as a security for institutional sales but not for individual investor sales. The SEC aims to argue that XRP should be classified as a security for all transactions.
Ripple Confident Stance and CEO’s Optimism Align Amid Ongoing Legal Battle
Ripple Labs indicated its confidence in the future appeal in a letter dated August 23 to Judge Torres, highlighting the vacant gaps in its Q2 2024 calendar:
“Defendant Ripple has no blackout dates and is available for trial throughout the second quarter of 2024”.
This statement is consistent with Ripple CEO Brad Garlinghouse earlier remarks, in which he expressed optimism that an appeal would simply reinforce the perception that XRP is not a security.
The cryptocurrency world is closely following the events in this judicial dispute as the procedures progress. The appeal’s outcome may influence digital asset classification and governance, highlighting regulatory certainty’s significance in the rapidly expanding crypto landscape.
Ripple and the SEC’s distinct strategies showcase the case’s significance and their resolve to present their perspectives adeptly. The Q2 2024 appeal represents a pivotal moment for the crypto sector, potentially shaping regulatory control over cryptocurrencies like XRP.