The SEC’s Window to File an Appeal in the Ripple Case has Officially Closed For Years

I think everyone here saw the news that the SEC was planning to appeal the summary judgement ruling handed down from Judge Torres on Friday. The whole thing started when the SEC filed documents in the Do Kwon case that read as below:

“The SEC respectfully avers that Ripple conflicts with and adds baseless requirements to Howey and it’s progeny. Respectfully, those portions of Ripple were wrongfully decided, and the court should not follow them.”

I mean what else are they gonna say? Of course they disagree with the ruling. But, as many pro-crypto lawyers have pointed out, if the SEC loses an appeal then it becomes binding case law for trial judges. This would be disastrous for their plans to bring the crypto market into “compliance”.

Anyhow, The SEC had until midnight to file an interlocutory appeal. An interlocutory appeal is basically an appeal before final judgment on some aspects of the ruling. They’re rarely filed and even more rarely accepted.

They didn’t file one, which means they must wait until final judgment from the jury trial to file an appeal unless there is a settlement. Ripple’s CEO has said that the trial could take years.

TL;DR

The SEC’s window to file an interlocutory appeal in the Ripple case has ended. They must now wait until the jury trial is finished to file an appeal which could take years according to Ripple’s CEO.

Sources:

SEC only has 10 days to file an appeal

Ripple CEO says an appeal could take years