The Ripple legal team files a new motion with respect to the SEC lawsuit, requesting a stay on the monetary portion of Judge Analisa Torres’ August 7 ruling.
The team filed the motion yesterday in a New York federal court, with seasoned defense lawyer James K. Filan sharing the document on X.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed a letter requesting a stay of the monetary portion of the Court’s Judgment entered on August 7, 2024. The SEC has consented to the request for a stay. pic.twitter.com/zo68dq6D8j
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 4, 2024
SEC and Ripple Agree to Delay Fine Payment
According to the motion, Ripple disclosed that the SEC agreed with its request to stay the monetary portion of the August 7 ruling, which requires the crypto payments company to pay a fine of $125 million before a September 6 deadline.
Ripple’s lawyers stated that the firm has agreed with the SEC to delay this payment. Ripple suggested moving 111% of the fine amount (worth $138.75 million) to its legal team’s bank account as security.
The funds will be held in the account until 30 days after the time to appeal expires. While Ripple will retain financial ownership of the funds, the company will have no control until the stay is concluded.
The motion specified that one of Ripple’s lawyers, Kellogg Hansen, will ensure the funds remain in the account until released by the court or mutual consent between the parties. This move ensures that the funds are used to satisfy the monetary portion of the August 7 judgment or released if the judgment is reversed in the Second Circuit.
“Should the court of appeals vacate or modify the Judgment, the parties will attempt in good faith to reach agreement about the appropriate treatment of the Fund and will submit to the Court any disputes that they cannot resolve,” an excerpt from the motion read.
Parties Lay Groundwork for an Appeal
The recent filing suggests that the parties are making the necessary preparations for a possible appeal. Since Judge Torres issued the final judgment on August 7, none of the parties has revealed plans to appeal.
Recall that Ripple expressed satisfaction with the monetary portion of the judgment. However, the company did not comment on the injunction imposed on its future XRP sales to institutional clients. Also, it is uncertain whether the SEC will take the appeal route.
In the meantime, the clock is ticking for any of the parties to file an appeal notice. Following the court’s final judgment, the parties had 60 days to appeal any portion of the ruling. At the moment, the parties have exhausted nearly a month without indicating whether they plan to appeal.
SEC Hasn’t Decided to Appeal
Meanwhile, pro-XRP lawyer Jeremy Hogan speculated that the SEC has not decided to appeal.
The top lawyer explained that filing an appeal notice takes about 15 minutes. According to Hogan, once the SEC files the appeal, it has 70 days to submit the actual brief.
He added that if the SEC had already decided to appeal, there would be no reason for the agency to delay filing the notice. Currently, nothing is confirmed from both fronts.
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Source: https://thecryptobasic.com/2024/09/05/new-motion-in-ripple-v-sec-lawsuit-hints-at-potential-appeal/?utm_source=rss&utm_medium=rss&utm_campaign=new-motion-in-ripple-v-sec-lawsuit-hints-at-potential-appeal