SEC Granted Request To Appeal $XRP Ruling

Summary:

• The SEC has been granted their request to appeal July's XRP ruling via an interlocutory appeal.
• Ripple will have until September 1 to respond.
• Ripple CEO, Brad Garlinghouse, brands SEC's accusations as "utter nonsense".

Analisa Torres, the judge behind the recent ruling over $XRP’s status as a security, has permissioned the SEC to file a motion appealing the landmark decision made in July that Ripple’s token did not constitute a security in historical instances of public sale. 

More specifically, the SEC has been granted permission to file an interlocutory appeal against last month’s ruling. This request was first made by the SEC in letter-form on August 9.

The SEC has until August 18 to file the motion and, thereafter, Ripple can file its response to the motion anytime before September 1.

Shortly prior to the Judge’s most recent decision, Ripple CEO, Brad Garlinghouse, published a Tweet pre-empting the decision and describing the SEC’s accusations as “utter nonsense”.

‍July’s XRP Ruling

On July 13, Judge Torres ruled that Ripple’s $XRP token did not constitute a security when distributed via public sole - only with regards to institutional sales of the token. 

The verdict set the blockchain industry alight, prompting hope and bullish expectations, following the first successful instance of the industry’s pushback against a regulatory onslaught by US authorities and, most clearly, the SEC.