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the lawsuit The relationship between Ripple and the US Securities and Exchange Commission (SEC) has not actually ended, as new reports indicate. The regulator is likely to oppose the court’s decision appeared. If the SEC decides to move forward with the appeal, Ripple could be drawn into a longer and more tedious legal dispute, adding further uncertainty to its regulatory clarity.
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The SEC may appeal the Ripple court ruling
In X (formerly Twitter) mail On September 26, Fox Business journalist Eleanor Terrett revealed new information regarding the three-year legal battle between Ripple and the US Securities and Exchange Commission. Treat revealed that The SEC will likely appeal July 2023 ruling by Judge Analisa Torres regarding Ripple’s automated sales of XRP.
In the cryptocurrency community, there has been ongoing speculation about the SEC’s intentions to appeal the court’s ruling on Ripple. Many members of the cryptocurrency community assumed that the regulator would not file an appeal, and as a result, they believed that A legal battle that lasted more than three years It will finally come to an end.
Terrett’s new report has put an end to that speculation, as she revealed that a recently departed SEC lawyer informed her directly that the regulator may file a last-minute appeal against Judge Torres’ court ruling.
“Everyone there (at the SEC) really believes the decision is wrong, that it’s not good law, and that it should be appealed,” the former SEC lawyer allegedly stated.
Earlier in July 2023, the cryptocurrency community celebrated Partial Ripple win v. SEC, after Judge Torres ruled that XRP is not a security. Specifically, the ruling stated that programmatic sales of XRP are not considered a security.
Furthermore, at a more recent court hearing in August 2024, Judge Torres concluded the first chapter of the lawsuit between Ripple and the SEC. Imposing a fine of $125 million on Ripple and prevent the digital asset company from violating securities law in the future.
This outcome was seen as a major win for the Ripple community, as it provided much-needed legal clarity and seemingly put the situation to rest. An end to the long legal battle. However, with October 7 being the deadline for SEC to file an appealRipple may face more legal hurdles if the regulator moves forward with this challenge.
The analyst stresses that October is crucial for XRP
JackTheRippler, a cryptocurrency analyst and prominent supporter of XRP, did just that Announce October will be a life-changing month for both Ripple and XRP holders. Contrary to recent reports on A Potential SEC appealThe analyst expects that the regulatory body will not appeal the court ruling regarding Ripple.
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XRP is also expected to reach all-time highs in October, driven by the start of… Mass adoption in the United States (US). At the time of writing this report, XRP price It is trading at $0.6, reflecting a 1.94% increase over the past 24 hours, according to CoinMarketCap.
Featured image from Canva and Envato Elements and chart from TradingView