THE lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) is indeed not over, as new reports from the regulator possibly opposing court ruling emerged. If the SEC decides to pursue the appeal, Ripple could be drawn into an even longer and more tedious legal dispute, increasing uncertainty about its regulatory clarity.
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SEC may appeal Ripple court ruling
In an X (formerly Twitter) publish On September 26, Fox Business journalist Eleanor Terrett revealed new information about the three-year legal battle between Ripple and the US SEC. Terrett revealed that the SEC may likely appeal the July 2023 ruling handed down by judge Analisa Torres regarding Ripple’s programmatic XRP sales.
In the crypto community, there has been ongoing conjecture about the SEC’s intentions to appeal the court’s Ripple ruling. Many members of the crypto community assumed that the regulator would not pursue an appeal and, as a result, believed that the legal battle lasting more than three years would finally come to an end.
Terrett’s new report puts an end to this speculation, as she reveals that a recently deceased SEC lawyer informed her directly that the regulator may file a last-minute appeal against Judge Torres’ ruling.
“Everyone there (at the SEC) really believes that the decision is wrong, that it is not good law and should be appealed,” said the former SEC lawyer.
In early July 2023, the crypto community celebrated Ripple partial victory against the US SEC, following Judge Torres’ ruling that XRP is not a security. Specifically, the ruling stated that programmatic sales of XRP were not considered a security.
Furthermore, in a more recent hearing in August 2024, Judge Torres closed the first chapter of the lawsuit between Ripple and SEC imposing a fine of US$125 million on Ripple and prohibiting the digital asset company from violating future securities laws.
This outcome was seen as a major victory for the Ripple community as it provided much-needed legal clarity and seemingly placed the end of the prolonged legal battle. However, with October 7 being the deadline for the SEC will file appealRipple could face more legal hurdles if the regulator moves forward with the challenge.
Analyst Says October Is Crucial for XRP
‘JackTheRippler’, a crypto analyst and prominent supporter of XRP, declared October will be a life-changing month for Ripple and XRP holders. Contrary to recent reports of a Potential SEC Appealthe analyst predicts that the regulator will not appeal the court’s ruling on Ripple.
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He also predicts that XRP could reach new all-time highs in October, driven by the start of the mass adoption in the United States (US). At the time of writing, the XRP price is trading at $0.6, reflecting a 1.94% increase in the last 24 hours, according to CoinMarketCap.
Featured image from Canva, Envato Elements, chart from TradingView