David Schwartz explained how the legal appeal system works and how it will go in the XRP lawsuit.
Ripple is a fintech firm, known for its blockchain-powered global payment services. Since Dec 2020, this firm has been in huge legal hurdles because of the suit by the United States Securities Exchange Commission (SEC) over the business model of this company with XRP token. In mid of the July of this year, the court judge ruled in favour of Ripple but the SEC agency was not satisfied with the court ruling & planning to appeal against the court decision.
Recently some rumours claimed that the US SEC lawyers are planning to appeal against the court ruling to the higher courts. To bring light to all these rumours, Ripple chief technical officer David Schwartz said that usually any of the parties in a legal case has full right to appeal against the particular court ruling but after the end of the main case proceedings.
Ripple CTO also said that there is a scenario in which any of the parties can appeal against the court ruling but that is not the right way of court proceedings because such types of decisions create problems for the main court proceedings as well as appeal cases.
In short, appeals against the court ruling before the end of the main case, creates delay in the final judgement in any case. In this way, the main XRP lawsuit case & appeal case will run partially.
Majority of the experts noted that the Ripple CTO clearly hinted that the XRP lawsuit will take huge times, maybe a couple of years, to reach the final outcome.
XRP price action
The current trade price of XRP coin is $0.54 & this trade price is 8.25% high than the last 24 hours’ trade price.