The lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) is ongoing, as recent reports indicate the regulator may challenge the court’s ruling. Should the SEC choose to appeal, Ripple could find itself entangled in an even more prolonged and difficult legal battle, which would further cloud the regulatory landscape.
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SEC Considering Appeal of Ripple Court Decision
On September 26, Fox Business reporter Eleanor Terrett shared new insights via an X (formerly Twitter) post about the ongoing three-year legal dispute between Ripple and the SEC. She reported that the SEC may be inclined to appeal the ruling issued in July 2023 by Judge Analisa Torres regarding Ripple’s sales of XRP.
Within the cryptocurrency community, there has been speculation regarding the SEC’s potential appeal of the court’s decision on Ripple. Many believed that the regulator would refrain from pursuing an appeal, leading them to think the prolonged legal confrontation might finally reach a conclusion.
Terrett’s report has put these assumptions to rest, revealing that a recently departed SEC attorney directly informed her that the agency might file an appeal against Judge Torres’ ruling.
“Everyone over there (at the SEC) firmly believes that the decision is incorrect, that it’s not sound law, and should be contested,” the former SEC attorney reportedly stated.
In July 2023, the cryptocurrency community celebrated Ripple’s partial victory against the SEC, following Judge Torres’ decision that XRP is not classified as a security. The ruling specifically indicated that programmatic sales of XRP do not fall under security regulations.
Additionally, a later court hearing in August 2024 concluded the first phase of the Ripple-SEC lawsuit with Judge Torres imposing a $125 million fine on Ripple and prohibiting the company from future violations of securities laws.
This ruling was acclaimed as a significant victory for the Ripple community, providing much-needed legal clarity and seemingly concluding the prolonged dispute. However, with an October 7 deadline for the SEC to submit an appeal, Ripple may encounter more legal challenges if the regulator opts to proceed.
Analyst States October is Pivotal for XRP
Prominent crypto analyst and XRP advocate ‘JackTheRippler’ has stated that October could be a transformative month for both Ripple and XRP investors. Contrary to recent speculations about a possible SEC appeal, he predicts that the regulator will not challenge the court’s decision regarding Ripple.
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He further anticipates that XRP may reach new all-time highs in October, driven by the onset of widespread adoption in the United States. At present, the current price of XRP stands at $0.6, showing a 1.94% rise over the last 24 hours, according to CoinMarketCap.
Featured image from Canva, Envato Elements, chart from TradingView
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