XRP Lawsuit: Ripple Labs has filed a letter requesting a stay order from the court regarding the monetary portion of the judgment on August 7. Ripple has two days to pay $125 million to the U.S. Securities and Exchange Commission, as per an order by Judge Analisa Torres last month. However, the SEC has also consented to the request for a stay. Both parties in the XRP lawsuit have made it clear to file an appeal.
The company earlier denied any intention to file an appeal and Ripple CEO Brad Garlinghouse doesn’t believe the SEC will appeal the rulings. However, former SEC lawyers were confident about an appeal by the government agency before the 60-day deadline.
Ripple and US SEC Seek A Stay Order in XRP Lawsuit
On September 4, Ripple Labs sent a letter to Judge Torres that it needs a stay of the monetary portion of the court’s judgment entered on August 7 after the remedies phase. The company and the SEC seek the order before September 6, the last date to pay $125 million in penalties to the SEC.
Lawyer Fred Rispoli confirmed that the odds of an appeal in XRP lawsuit have increased with the filing. Ripple and the SEC have agreed to an arrangement where 111% of monetary judgment will be held in trust. This will be paid to the SEC on 30 days after the appeal deadline or after the appeal concludes.
Former SEC lawyers James Farrel and Marc Fagel were confident about an appeal by the US SEC. As per an order by Judge Torres, the SEC can appeal the remedies ruling or other decisions within 60 days from the date of the order on August 7. Experts believe the government agency would file an appeal against remedies or a summary judgment last year.
What Happen If SEC Files An Appeal And Loses
XRP community raised many questions to lawyers on the odds of an appeal. If there is an appeal in the XRP lawsuit and if Ripple wins on every issue over the SEC, aside from returning the $125 million penalty to Ripple, does the SEC have to pay statutory interest?
Former SEC lawyer James Farrell explained that Ripple would stay payment of judgment pending appeal and might post a bond securing. If SEC loses, then the cost of the bond would typically be charged as part of the costs of appeal under FRAP 39 at the discretion of the 2nd Circuit Court like any bill of costs.
However, this needs a cross appeal by Ripple. But if Ripple does not cross appeal, it is admitting that it owes $125 million. Thus, there is nothing the appeals court can do for issues not before it.
XRP Price Reclaims $0.56
XRP price jumped more than 2% within hours after the latest development in the XRP lawsuit, with the price currently trading at $0.562. The 24-hour low and high are $0.539 and $0.567, respectively. Furthermore, the trading volume has increased by 36% in the last 24 hours, indicating a rise in interest among traders.
XRP price could crash if it falls below the support level at $0.5326. A break below this level would confirm the bear flag and likely trigger a 15% drop to $0.47. In order to negate this, the price needs to rise above $0.565 and reclaim $0.57, a Fibonacci 0.382 level.
The post XRP Lawsuit: Ripple And SEC Agree On Stay Order For Filing Appeals appeared first on CoinGape.
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