The court document revealed that the US SEC body is in full mood to challenge the court ruling in the XRP lawsuit.
Ripple is a San Francisco headquartered fintech firm. In Dec 2020, Ripple was sued by the United States Securities Exchange Commission (SEC) over the nature of the XRP coin & violation of several federal securities Acts. In July of this year, the court judge ruled in favor of Ripple, so the SEC body is not happy with the court ruling & willing to restart the XRP lawsuit.
According to court documents, the US SEC confirmed that it is planning to appeal in court against Judge Torres’ final decision.
Through a letter to the court judge Torres, the SEC body stated that it will appeal under 28 USC § 1292(b) based on two adverse liability determinations contained in a July 13, 2023 decision.
As per SEC’s opinion, it will take years to resolve the case if no appeal is filed.
The crypto law firm also noted that the next trial in the XRP lawsuit will come in the first quarter of the next year.
Earlier in July, after the victory in the case, Ripple CEO Brad Garlinghouse said that it will take years for the SEC to appeal against the court ruling if they will follow the laws perfectly.
All these things are showing that XRP Lawsuit is not over and probably it will take several years but some crypto proponents think that the next couple of years will bring some new rules & regulations for the crypto sector and in that situation, there will be better clarity to solve any legal case related with crypto.