XRP community members have been closely following the US Securities & Exchange Commission’s (SEC) every move against Ripple. In the latest update, the
regulator’s request to file a motion for interlocutory appeal has been approved by the court. Ripple filed its opposition to the SEC’s request on August 16. However, Judge Torres replied on Thursday, allowing the SEC’s filing.
Judge Torres’ ruling on XRP’s status as a “non-security” is likely under threat due to the interlocutory appeal and the SEC’s request that the ruling be revisited on “substantial ground for difference of opinion.” It's important to note that once the interlocutory appeal is accepted, the SEC’s legal team needs to prove that Judge Torres’ application of the Howey Test was not acceptable in order to reverse Ripple’s partial victory.
Ripple’s partial win catalyzed the token’s relisting, its price recovery and higher adoption worldwide. However, this ruling is likely to be reversed with the SEC’s attempt to get the Howey Test applied with no distinction between purchasers. This is the “game changing” element of the SEC’s appeal. With the SEC request to file motion for interlocutory appeal accepted:
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