Ripple News: What is the SEC trying to appeal? Expert says it is going to be ‘long’ trial

Ripple Labs has objected to the recent action by the U.S. securities regulator, which seeks an interlocutory appeal regarding the summary judgment issued by U.S. District Court Judge Analisa Torres.

However, it is important to understand what the SEC actually appealed for and what the next procedure will be. In an interview with Thinking Crypto, Fred Rispoli mentioned that XRP holders in the community should remain calm and not overreact to the recent filing.

He stressed that this is a normal part of the legal process and highlighted that litigation can take various directions, also reassuring that despite the situation, XRP’s position remains favorable as it’s not considered a security and programmatic sales aren’t treated as security transactions. 

The attorney advised everyone to take a deep breath and move forward. Regarding the SEC’s appeal, he explained that they didn’t officially appeal yet but filed a motion to be able to do so in the future. 

Fred said, “But this was the most likely event – that if it wasn’t gonna be now, it was gonna be at the end of trial. So just take a deep breath. You know, the good news is everything is in play right now, in the sense of it’s good for the XRP.”

He clarified that appeals usually occur after a final order, which won’t happen until the end of the case, scheduled for the fall of 2024 and also discussed the process of seeking permission for an interlocutory appeal and how both parties may negotiate the briefing schedule. Fred anticipated a longer briefing schedule given past practices. He projected a decision from the judge around October. 

The attorney added, “So, you know, when you are going to appeal, you usually want a final order. And that’s not given until the very end of the case. The case isn’t going to be in that final order spot until sometime in the fall of ’24 because the trial’s not scheduled until sometime in the second quarter of ’24. It’s gonna be a long trial.”