What’s Next In XRP Lawsuit? Appeal Or Reconsideration Motion
07/24/2023 21:58
US district judge Analisa Torres on 13 July announced that Ripple and the defendants did not breach securities law with XRP in the country
XRP Lawsuit News: Ripple might have scored a partial yet major win against the U.S. Securities and Exchange Commission (SEC), but it appears that the legal troubles for defendants are far from over. The commission recently hinted that it will file an appeal against the announced decision in the upper court. However, it becomes vital to know what might happen ahead in the XRP lawsuit.
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XRP Lawsuit To Stretch More Ahead?
US district judge Analisa Torres on 13 July announced that Ripple and the defendants did not breach securities law with XRP in the country. While it reportedly suggested that the XRP token is not a security. However, the commission in the recent filings of an ongoing lawsuit against Terraform Labs mentioned that its staff are considering the various avenues and intends to seek review over the decision.
Pro XRP analyst, Mr.Huber laid out the possible options and outcomes in the XRP lawsuit ahead. He stated that there can be 4 different legal processes ahead i.e. Settlement, Motion to Reconsider, Interlocutory Appeal, and Regular Appeal. Read More XRP Lawsuit News Here…
Settlement
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If parties choose to settle the case then it would avoid further litigation costs. This can provide possible outcomes like providing certainty and the potential return in business for the defendants.
Motion To Reconsider
This move will seek a reversal of the partial summary judgment ruling ordered by Judge Analisa Torres. The motion will assert that the court made a major error of law in the ruling. However, if this gets granted then the district court judge will need to withdraw or modify its ruling. This would be required to be filed within the first 14 days after the Summary Judgment announcement i.e. 27 July 2023.
Interlocutory Appeal
This appeal will also seek a reversal of the ruling but the appellate court must agree to hear the appeal. However, the appeal is accepted only in exceptional cases as it can delay the trail. This must be filled by 31 August 2023.
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