• On August 9, the U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case.
• The SEC’s Motion for Leave to File an Interlocutory Appeal regarding the case was also filed soon after this ruling.
• Ripple issued its Q2 2023 market report which accused the SEC of being a propaganda merchant and stated that XRP is not just security in some corners but in all areas.
Background Information
On 9 August, Judge Torres issued a pre-trial scheduling order in the U.S. Securities and Exchange Commission (SEC) – Ripple [XRP] case. The order stated that: “The Court will seek to schedule a jury trial for the second calendar quarter of 2024.” Soon after, the SEC filed a Motion for Leave to File an Interlocutory Appeal regarding the case. An interlocutory appeal is an appeal of a non-final order issued during the course of litigation.
Ripple’s Market Report
On 31 July, Ripple issued its Q2 2023 market report in which it gave an in-depth response to the partial win it had secured against the U.S. Securities and Exchange Commission (SEC) on 13 July. The report mentions that the SEC’s lawsuit against Ripple was misguided and a “quest for political power.“ According to Ripple, XRP is not just security in some corners but in all areas; it also accused the SEC of being a propaganda merchant.
Price Action & Trade Outcomes
XRP, Ripple’s native cryptocurrency, immediately surged by 90% to $0.908 after Ripple secured a partial victory in its legal battle with the U