SEC leans towards not appealing Ripple Ruling

• Reports suggest that the Ripple-SEC case is nearing a resolution. The SEC might not appeal the recent partial judgement of Judge Analisa Torres in favor of RippleLabs.
• This move is aimed at preventing further escalated litigation in courts of higher jurisdiction, and signals a shift in strategy.

Recent developments in the Ripple-SEC litigation suggest that it may be close to its conclusion. According to a recent report, the U.S. Securities and Exchange Commission might not appeal the recent summation judgment by Judge Analisa Tores which partially favors RippleLabs. The SEC is likely to be trying to prevent escalation in the case at the highest court.

According to reports, this scenario is surfacing as the crypto-community anticipates the SEC’s appeals process after the SEC initiates the remedies phase. The court will rule on the remedies by the end Summer 2024. Crypto News Flash report.

Kristina littman, the former director of SEC Enforcement’s Cyber Unit shared recent insights about the SEC potential further actions. In addition, she speculated on the SEC’s willingness to accept the District Court ruling if it were in line with other opinions from similar court cases. She stated:

If the Ripple case is appealed, I will be interested to know if there are any parties who appeal.

Littman has also highlighted a possible conflict of interest that could complicate the decision on appeal. “I think there’s some speculation that because Judge Rakoff and the Terra opinion explicitly disagreed with Judge Torres’ logic from the Ripple opinion, and then Coinbase doesn’t address the Ripple opinion as much but you know pretty explicitly adopts the Terra logic,” Littman, said

Kristina Littman, the #SEC Just confirm the #SEC The appeal is NOT the #Ripple case? 👀👀👀

She knows how the speculations went! pic.twitter.com/ilzqC74Ho3

— wEeZiE {X}💭John Deaton 4 Senate (@NerdNationUnbox) June 19, 2024

Ripple registers another micro win, XRP’s security status remains unclear

Recent developments in the Ripple-SEC legal dispute have intensified. A significant update was issued by the U.S. District Court for Northern District of California, which dismissed several claims against Ripple in a lawsuit filed as a group. This marked a procedural victory for Ripple.

The judge granted Ripple’s summary judgment motion on federal claims of class actions relating to unregistered security and claims under state securities law. This effectively removed a large portion of class action claims against Ripple. Stuart Alderoty – Ripple Chief Legal Officer – expressed his satisfaction at the court’s ruling.

Despite the dismissals of these claims, the Court did not decide whether XRP was a securities, leaving the crucial question up to a jury based upon the Howey Test.

In a separate civil securities suit against Ripple CEO Brad Garlinghouse a Californian judge has ruled Garlinghouse is facing trial for allegedly making false statements about XRP in 2017. Crypto News Flash report.

California District Judge Phyllis Hamilton’s ruling on the 20th of June sets up a jury trial for a determination as to whether Brad Garlinghouse misled his investors in a 2017 BNN Bloomberg Canada interview where he expressed a high level of confidence about XRP despite allegedly having sold millions of XRP Tokens that same year.

XRP, Ripple’s native cryptocurrency continues to be under pressure. According to press time the XRP is currently trading at 1.12% Down At $0.48, the market capitalization is 27.3 billion.

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