In the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple, there have been significant developments in recent weeks. Many lawyers have commented on these critical developments and evaluated the ongoing appeals process.
Since the SEC filed a lawsuit against Ripple in December 2020, the SEC-Ripple case has become a symbol of the conflict between regulatory agencies and crypto companies. Although there have been many significant developments in the case over the years, the XRP ruling in July was considered a turning point for Ripple.
In mid-July, Judge Torres ruled that Ripple’s XRP sales did not constitute investment contracts, which was seen as a victory for Ripple in the crypto ecosystem. With the SEC appealing the decision, the appeals process began.
Bill Morgan, a supporter of XRP and one of the attorneys, addressed the appeals process in his tweets. Morgan stated that the appeals process would not take long since the hearing was not postponed, and both parties would still be prepared for the hearing. He also suggested that if Judge Torres did not act quickly, it could be a bad sign for the SEC in terms of obtaining the right to appeal or at least suspending the trial during the appeals process.
In recent months, there have been several critical developments in favor of Ripple in the ongoing legal battle between the SEC and Ripple, including the XRP ruling in mid-July. However, with the SEC appealing the decision, the process has been prolonged, and the case has not yet reached a favorable outcome for either party.
Additionally, there was another critical development for Ripple, the issuer of XRP, during the week. The New York Department of Financial Services (NYDFS) delisted XRP from its approved cryptocurrencies list. Attorney Bill Morgan criticized this move, referring to Judge Torres’ decision that Ripple’s XRP sales did not constitute investment contracts.
The NYDFS faced backlash from many individuals after delisting XRP. Attorney John Deaton also expressed his dissatisfaction with XRP being delisted from the NYDFS approved cryptocurrencies list and took to social media to criticize the New York regulator on this matter.