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The court case between Ripple and the US Securities and Exchange Commission (SEC) has not in fact ended yet, as new reports from the supervisor who may oppose the court’s decision have surfaced. If the SEC decides to proceed with the appeal, Ripple could find itself embroiled in an even longer and more vexing legal dispute, increasing uncertainty over regulatory clarity.
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SEC can appeal the Ripple Court ruling
In an X (formerly Twitter) after On September 26, Fox Business journalist Eleanor Terrett revealed new information about the three-year lawsuit between Ripple and the US SEC. Terrett revealed that the SEC can probably appeal Judge Analisa Torres’ July 2023 ruling on Ripple’s programmatic sale of XRP.
There are ongoing suspicions in the crypto community about the SEC’s intentions to appeal the court’s ruling on Ripple. Many members of the crypto community had assumed that the regulator would not appeal, and as a result, they believed that the more than three-year legal battle it would finally end.
Terrett’s new report puts an end to these speculations, as she reveals that a recently departed SEC lawyer informed her directly that the regulator may appeal Judge Torres’ ruling at the last minute.
“Everyone there (at the SEC) really believes that the decision is wrong, that it is not good law and that it should be appealed,” the former SEC attorney reportedly stated.
Earlier in July 2023, the crypto community celebrated Ripple’s 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.
Additionally, at a more recent hearing in August 2024, Judge Torres concluded the first chapter of the lawsuit between Ripple and SEC imposing a $125 million fine about Ripple and banning the digital asset firm 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 stated an end to the lengthy lawsuit. However, since October 7 is the deadline for the SEC to appealRipple could face more legal hurdles if the regulator continues with the challenge.
Analyst Confirms October Is Crucial for XRP
‘JackTheRippler’, a crypto analyst and prominent XRP supporter, has done just that declared October will be a life-changing month for both Ripple and XRP holders. Contrary to recent reports about a possible 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 XRP mass adoption in the United States (US). At the time of writing, the price of XRP is trading at $0.6, reflecting a 1.94% increase in the past 24 hours, according to CoinMarketCap.
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Credit : www.newsbtc.com
