XRP army awaits Judge Torres\u2019<\/a> ruling on multiple motions, including the final judgment in the remedies phase, in the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. A lawyer said Ripple or Coinbase case to be the first case to go to the 2nd Circuit Court of Appeals for clarity on crypto assets\u2019 status after a settlement between the U.S. SEC and Terra.<\/p>\n Prominent pro-crypto lawyer James Murphy or \u201cMetaLawMan\u201d in a post on X said the settlement between the U.S. U.S. Securities and Exchange Commission (SEC) and defendants Terraform Labs<\/a> and Do Kwon is good news. The SEC seeks millions in fine separately from Do Kwon and Terra.<\/p>\n <\/p>\n MetaLawMan added that the SEC settlement could mean either Ripple or Coinbase, which has already filed for interlocutory appeal, likely to take the lawsuit to the Court of Appeals for the Second Circuit. The crypto leaders will seek a resolution on the legal status of crypto assets.<\/p>\n Notably, the US Court of Appeals for the Second Circuit had earlier ruled in favor of Coinbase<\/a> in a lawsuit that secondary market transactions of cryptocurrency are not securities. The federal judge\u2019s decision also set a major precedent, preventing the U.S. SEC from appealing on XRP secondary market sales in SEC v. Ripple Labs<\/a>\u00a0case.<\/p>\n Empower Oversight<\/a> has filed a new FOIA request further pressing the SEC for more records. The watchdog seeks record primarily regarding declaration of multiple cryptocurrencies such as Bitcoin and Ether as not securities by former SEC director William Hinman and former SEC chair Jay Clayton. This could have a significant impact on the Ripple vs SEC lawsuit as the case has similar arguments.<\/p>\n <\/p>\n <\/p>\n Empower Oversight president Tristan Leavitt<\/strong> said \u201cSo many \u2018no relevant records\u2019 responses from the SEC looks awfully fishy. We\u2019ve requested relevant records from all of his staff. If Clayton tried to use some other means for his crypto communications, we intend to find them.\u201d<\/p>\n Also Read: <\/strong>83M Coins Reshuffled Amid Ripple CEO\u2019s Unwavering Stance On XRP ETF<\/a><\/p>\nSEC Settlement Sets Case Move to Second Circuit Court of Appeals<\/h2>\n
SEC Hiding Key Details<\/h2>\n
XRP Price Jumps Over 2%<\/h2>\n
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