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The cryptocurrency sector is closely watching the latest developments in the ongoing Ripple v. SEC lawsuit. Ripple’s legal team has filed a new motion, requesting a stay on the monetary portion of Judge Analisa Torres’ ruling from August 7. This motion could indicate potential preparations for an appeal in the high-profile case.
Ripple and SEC Agree to Postpone Fine Payment
According to the recent motion, Ripple disclosed that the SEC has agreed to its request to stay the monetary portion of the August 7 ruling. This ruling requires Ripple to pay a $125 million fine by the September 6 deadline. In response, Ripple’s lawyers proposed that 111% of the fine amount, equivalent to $138.75 million, be moved to the legal team’s bank account as security.
The motion outlines that these funds will be held in the account until 30 days after the appeal period expires. While Ripple will maintain financial ownership of the funds, the company will have no control over them until the stay is lifted. The arrangement ensures that the funds are available to satisfy the monetary portion of the judgment or can be released if the ruling is overturned in the Second Circuit.
Ripple's lawyer, Kellogg Hansen, is tasked with ensuring the funds remain in the account until they are released by court order or mutual consent between the parties. This move aims to secure the funds as stipulated in the judgment or to allow their release if the decision is reversed on appeal.
Possible Appeal Preparations Underway
The recent filing suggests that both Ripple and the SEC may be laying the groundwork for a possible appeal. Since Judge Torres issued the final judgment on August 7, neither party has formally announced plans to appeal. Ripple has previously expressed satisfaction with the monetary aspects of the judgment but has not commented on the injunction concerning future XRP sales to institutional clients. Additionally, it remains unclear whether the SEC intends to pursue an appeal.
Currently, the timeframe for either party to file an appeal notice is running out. Following the court’s final judgment, the parties were given 60 days to appeal any portion of the ruling. Nearly a month has passed since the judgment, and neither Ripple nor the SEC has indicated whether they will move forward with an appeal.
SEC’s Position on Appeal Still Uncertain
Speculation around the SEC’s intentions continues, with pro-XRP lawyer Jeremy Hogan suggesting that the agency has not yet decided to file an appeal. Hogan pointed out that filing an appeal notice is a straightforward process that can be completed in about 15 minutes. Once an appeal notice is filed, the SEC would have 70 days to submit the actual brief.
Hogan further noted that if the SEC had already decided to appeal, there would likely be no reason to delay the filing. However, as of now, no confirmation has come from either Ripple or the SEC regarding their next steps.
