Next Appeals Hearing for XRP Lawsuit Set in Second Circuit Court

The XRP community eagerly anticipates Judge Torres’ decision on various motions, including the final verdict in the remedies phase, in the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). An attorney mentioned that either the Ripple or Coinbase case could be the first to reach the 2nd Circuit Court of Appeals for clarification on the status of crypto assets following the settlement between the SEC and Terra.

Forward Movement to Second Circuit Court of Appeals Due to SEC Settlement

Renowned pro-crypto lawyer James Murphy, also known as “MetaLawMan,” expressed positivity about the settlement reached between the SEC and Terraform Labs and Do Kwon. The SEC is pursuing significant fines separately against Do Kwon and Terra.

MetaLawMan also suggested that the SEC’s settlement could pave the way for either Ripple or Coinbase, the latter of which has already sought an interlocutory appeal, to escalate the legal battle to the Court of Appeals for the Second Circuit. Both companies aim to establish clarity regarding the legal classification of crypto assets.

It is noteworthy that the US Court of Appeals for the Second Circuit previously ruled in favor of Coinbase in a lawsuit where it was acknowledged that secondary market transactions of cryptocurrency do not qualify as securities. This verdict set a crucial precedent, preventing the U.S. SEC from appealing in the case of XRP’s secondary market sales in SEC v. Ripple Labs.

SEC Faces Scrutiny Over Concealed Information

Empower Oversight has submitted a new FOIA request urging the SEC to disclose additional records. The organization is particularly interested in obtaining records related to the statements made by former SEC director William Hinman and former SEC chair Jay Clayton, who declared several cryptocurrencies such as Bitcoin and Ether as non-securities. These revelations could significantly impact the ongoing legal battle between Ripple and the SEC given the similarities in arguments presented.

The president of Empower Oversight, Tristan Leavitt, voiced concerns stating, “The repeated ‘no relevant records’ responses from the SEC raise suspicions. We have requested pertinent records from all staff members. If Clayton used alternative methods for crypto communications, we are determined to uncover them.”

Shuffling of 83 Million Coins Coincides with Ripple CEO’s Steadfast Support for XRP ETF

Rise in XRP Price by Over 2%

The price of XRP has surged by more than 2% in the last 24 hours, currently standing at $0.5269. During this period, the lowest and highest prices recorded were $0.5188 and $0.5307, respectively. Moreover, there has been a notable 31% increase in trading volume over the last day, indicating growing interest among traders.

Derivatives data signals a buying opportunity as traders shift their focus to purchasing XRP, as highlighted by Coinglass. The total open interest in XRP futures has risen by over 6%, crossing 1.25 billion in the last 24 hours, largely driven by substantial buying activity on platforms like Binance, Bitget, Kraken, and Coinbase.

Meanwhile, Ripple CEO Brad Garlinghouse remains firm in his stance that the introduction of an XRP ETF is inevitable. He has outlined a timeline of 2025 for the launch of a spot ETF that would track real-time XRP prices.