Altcoin

XRP Lawsuit To See Appeals in Second Circuit Court Next

Published

7 months ago

June 5, 2024

XRP army awaits Judge Torres’ ruling on multiple motions, including the final judgment in the remedies phase, in the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. A lawyer said Ripple or Coinbase case to be the first case to go to the 2nd Circuit Court of Appeals for clarity on crypto assets’ status after a settlement between the U.S. SEC and Terra.

SEC Settlement Sets Case Move to Second Circuit Court of Appeals

Prominent pro-crypto lawyer James Murphy or “MetaLawMan” in a post on X said the settlement between the U.S. U.S. Securities and Exchange Commission (SEC) and defendants Terraform Labs and Do Kwon is good news. The SEC seeks millions in fines separately from Do Kwon and Terra.

MetaLawMan added that the SEC settlement could mean either Ripple or Coinbase, which has already filed for interlocutory appeal, likely to take the lawsuit to the Court of Appeals for the Second Circuit. The crypto leaders will seek a resolution on the legal status of crypto assets.

Notably, the US Court of Appeals for the Second Circuit had earlier ruled in favor of Coinbase in a lawsuit that secondary market transactions of cryptocurrency are not securities. The federal judge’s decision also set a major precedent, preventing the U.S. SEC from appealing on XRP secondary market sales in SEC v. Ripple Labs case.

SEC Hiding Key Details

Empower Oversight has filed a new FOIA request further pressing the SEC for more records. The watchdog seeks record primarily regarding declaration of multiple cryptocurrencies such as Bitcoin and Ether as not securities by former SEC director William Hinman and former SEC chair Jay Clayton. This could have a significant impact on the Ripple vs SEC lawsuit as the case has similar arguments.

Empower Oversight president Tristan Leavitt said “So many ‘no relevant records’ responses from the SEC looks awfully fishy. We’ve requested relevant records from all of his staff. If Clayton tried to use some other means for his crypto communications, we intend to find them.”

Also Read: 83M Coins Reshuffled Amid Ripple CEO’s Unwavering Stance On XRP ETF

XRP Price Jumps Over 2%

XRP price jumped more than 2% in the past 24 hours, with the price currently trading at $0.5269. The 24-hour low and high are $0.5188 and $0.5307, respectively. Furthermore, the trading volume has increased by 31% in the last 24 hours, indicating a rise in interest among traders.

Derivatives data also flashes a buy signal as trades move to buy XRP, as per Coinglass. Total XRP futures open interest jumped over 6% to surpass 1.25 billion in the last 24 hours, with massive buying on Binance, Bitget, Kraken, and Coinbase.

Meanwhile, Ripple CEO Brad Garlinghouse reiterates that XRP ETF is inevitable and predicts a 2025 timeline for a spot ETF targeting real-time XRP prices.

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