TLDR
SEC may appeal Ripple lawsuit at the last minute
XRP community tensions rise as appeal deadline approaches
Former SEC lawyers expect an appeal filing
Ripple executives deny intention to appeal
XRP price rises 4% amid appeal speculation and Ripple Swell 2024
The U.S. Securities and Exchange Commission (SEC) is weighing a potential appeal in its lawsuit against Ripple over XRP. As the deadline approaches, tensions are rising in the cryptocurrency community.
Former SEC lawyers believe an appeal is likely, while Ripple executives say they won’t appeal themselves.
The SEC has two weeks left to file an appeal against Judge Torres’ rulings in the XRP case. Former SEC lawyers Marc Fagel and James Farrell think an appeal is probable. They argue that not appealing would be bad for the agency. However, the SEC hasn’t announced its plans yet.
Attorney Fred Rispoli believes the SEC is still unsure about appealing. He thinks any announcement or filing will come close to the deadline. This uncertainty is causing stress in the XRP community.
Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have stated they don’t plan to appeal. The company has a court order that lets them hold off on paying a $125 million penalty to the SEC until the appeal situation is resolved.
In a related case against Binance, the SEC’s filing hinted it might not appeal Judge Torres’ decision about XRP programmatic sales. The judge didn’t rule on secondary sales but said programmatic buyers were like secondary market purchasers.
Some people think Elon Musk should allow XRP payments on X (formerly Twitter). Attorney Fred Rispoli suggested Musk could challenge the SEC by enabling payments for cryptocurrencies the SEC hasn’t legally labeled as securities. However, Rispoli noted that Musk seems cautious, possibly due to legal concerns.
The SEC is currently seeking sanctions against Musk for not testifying in a probe about his Twitter acquisition. This shows the agency’s willingness to pursue legal action against high-profile figures in the tech industry.
As these events unfold, the price of XRP has increased by 4% in the past day, reaching $0.60. However, trading volume has dropped by 25%, suggesting less interest from traders. Some predict the price could go higher, possibly over $0.65, as the Ripple Swell 2024 event approaches and the potential appeal decision looms.
The outcome of this case could have significant implications for how cryptocurrencies are regulated in the United States. Many in the crypto industry are watching closely to see how the SEC will proceed and what it might mean for the future of digital assets.
The post Ripple vs SEC: Latest Developments in the XRP Lawsuit appeared first on Blockonomi.