In the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the recent order to partially grant and partially dismiss the motion for summary judgment by Judge Torres has left many XRP investors eagerly awaiting the next steps. To shed some light on the situation, prominent lawyer Jeremy Hogan shared his opinion on the matter, which provides valuable insight into the potential appeal process with deadlines and its implications for both parties involved.
Ripple vs. SEC: the next possible deadline
Hogan, a seasoned attorney with appellate experience, cautions that appeals are typically filed after a case has been fully concluded. “After the final verdict is handed down, each side has 60 days to appeal,” said Hogan, who stressed that the Ripple case is not yet concluded. Any possible appeal at this stage would be considered an “interim appeal”.
“As far as I can tell from the Rules, you have 10 days to file an injunction,” Hogan said. Since the summary judgment was issued on July 13, an appeal by the SEC or Ripple Labs would have to be filed no later than July 23 (or July 24 if the deadline is the next day). This means that it will be made public no later than next Monday whether one of the parties will appeal.
But summary proceedings are rarely granted and generally require compelling reasons, such as the disclosure of important information that could affect the case. However, Hogan points out that Judge Torres did not uphold her ruling for immediate review, indicating that a preliminary appeal may not be granted in this scenario. This suggests that the SEC and Ripple should wait for a final ruling before appealing. Hogan believes that both sides may ultimately choose not to appeal for a variety of reasons.
According to the attorney, the SEC could be hesitant to appeal because, even if successful, it could jeopardize their overall case. Winning the appeal would revoke some unfavorable aspects of the case at the trial level. However, if the SEC lost on appeal, it could set a precedent for all courts in the 2nd DCA (Second District Court of Appeals) to follow, compounding the impact of their loss.
On the other hand, Hogan believes that Ripple may choose not to appeal if it can pay the fine and if the effect of the ruling on its business, especially the On-Demand Liquidity (ODL) aspect, function is manageable. These factors, coupled with the fact that Ripple received a favorable outcome in the ruling, could deter them from appealing.
In considering the potential difficulties of winning an appeal, Hogan emphasizes that Judge Torres is the one who carefully reviewed the entire case file. This makes the appeals process inherently challenging for both parties, further reducing the likelihood of an appeal.
Regarding the SEC’s challenge to appeal the secondary market selling aspect, which represents a problematic area for the regulatory body, Hogan admits he has not yet materialized his views on the matter.
XRP price
XRP price has taken a breather after the stunning rally following the Ripple summary verdict. After being rejected at the 38.2% Fibonacci retracement level of $0.93, XRP price is currently trading at $0.7481. After a possible retest of the 23.6% Fibonacci retracement level at $0.68, the impulsive move may continue. The final verdict in the Ripple v. SEC case and possible appeals will certainly continue to have a strong impact on the price.
Featured image from Outlook India chart from TradingView.com
