As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed numerous legal battles between regulatory bodies and tech companies. The Ripple vs SEC lawsuit is no exception, and it seems that this case is far from over.
The legal battle between Ripple and the Securities and Exchange Commission (SEC) continues in the U.S. Second Circuit Court of Appeal, as the SEC has reinstated allegations of violating securities laws against executives Brad Garlinghouse and Chris Larsen. A former SEC attorney believes there are still substantial claims left for consideration during appeals.
Ex-SEC Reveals Why Appeal Is Valid Against Ripple Executives
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have escalated their ongoing legal battle, moving it up to the U.S. Second Circuit Court of Appeals. Legal professionals and experts predict this move could prolong the case for an additional year.
The regulatory body has challenged the court’s decision regarding the case concerning XRP sales, specifically those made by Ripple, the distribution of XRP to employees and others within the company, as well as the XRP sales executed by CEO Brad Garlinghouse and Executive Chairman Chris Larsen on exchanges.
In reaction to the renewed lawsuit against Garlinghouse and Larsen by the SEC, Marc Fagel, a former SEC lawyer, commented on it. He stated that the SEC chose not to pursue charges of aiding and abetting Ripple’s unregistered institutional sales, but other allegations against the executives were not dismissed.
In simpler terms, Sherrie, another expert on the XRP lawsuit, mentioned that there was an agreement between the parties involved in the lawsuit (Brad Garlinghouse and Chris Larsen) and the accusers, resulting in the dismissal of the case against them.
The agreement stated that Brad and Chris’s sales were made according to a specific system, which the judge classified as non-securities offerings. If the Appeals Court rules against Torres, this agreement could potentially bring them both under scrutiny again, as per her statement.
Last week, Ripple CLO Stuart Alderoty shared the good news with the community that “XRP is not a security” as the government agency did not appeal it. He added that XRP has gained more clarity as the “decision stands as the law of the land.”
Ripple will submit their Form C on cross-appeal against the SEC by this Friday.
Will Cross Appeal Fuel Upside Momentum in XRP Price?
At present, XRP’s value is being exchanged at approximately $0.525, representing a decrease of 5% in the past week. Over the last day, the price range has been between $0.512 (low) and $0.531 (high). Interestingly, despite this dip, the trading volume experienced a boost, rising by 7% over the last 24 hours.
In the derivatives sector for XRP, purchasing activity remains divided before this Friday’s expiration of crypto contracts. The total amount of XRP futures Open Interest (OI) dropped by over 2% in the past 24 hours, down to approximately 1.40 billion with a total value of $743 million, according to data from Coinglass.
Nevertheless, the general optimism persists since an expert foresees XRP’s price escalating up to $16, potentially surpassing Ethereum‘s value.
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2024-10-24 14:34