Ripple SEC Case: XRP Lawsuit Enters Final Round, What to Expect?

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As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and their legal battles, I find myself closely following the Ripple SEC Case. Having observed numerous legal tussles between tech giants and regulatory bodies, I am not surprised by the mounting speculations surrounding an appeal from both parties.

Recently, there’s been a lot of attention surrounding the Ripple SEC Case, as people are waiting to see if the US Securities and Exchange Commission (SEC) will file an appeal in this ongoing legal dispute. As the trial nears its conclusion, there is increasing speculation that the case may drag on due to a potential prolonged legal battle between the two parties. Former SEC lawyers have suggested that an appeal from the agency is probable, while some are betting that Ripple might re-file an appeal if the SEC proceeds with its intended course of action.

Ripple SEC Case Enters Final Round

The Ripple SEC Case was one of the longest legal battles in the crypto world, which has gained notable attention from the broader digital assets sector. Last month, Judge Torres ordered the blockchain firm to pay a penalty of $125 million to the agency, concluding the battle. Notably, many have seen this move as a partial win for the firm, given the initial demand of $2 billion in penalty by the US SEC.

Following the order, there has been a surge of speculation about a possible SEC appeal in the XRP case. At the same time, it is expected that the blockchain company may file another appeal if the SEC decides to proceed with its plan for an appeal.

More recently, Ripple was granted a stay on its fine payment to the U.S. Securities and Exchange Commission. This came about following an agreement between the two parties to postpone the payment. The decision has ignited talks about whether these developments could signal an extension of their ongoing legal dispute.

Ex-SEC Lawyers Predicts A Potential Appeal

Former SEC attorneys Marc Fagel and James Farrell have hinted at a probable appeal in the Ripple case, stirring up debates. In a recent online update, James Farrell estimates that there’s a 3 out of 4 chance that the SEC may challenge on liability issues.

During their most recent discussion, Farrell made it clear that in terms of institutional sales, the SEC came out victorious, but they suffered a loss when it came to secondary market transactions involving XRP. Moreover, it appears that the expedited timing of the appeal, which occurred within just 70 days of being filed, was more about adhering to administrative procedures rather than any strategic decision.

In the meantime, it’s worth mentioning that delaying the filing might not offer any benefits, since the SEC staff would then need to secure Commission authorization.

What’s Next In XRP Lawsuit?

The XRP enthusiasts are treading with careful hopefulness, as a possible appeal might extend the legal dispute between Ripple and the SEC. Whatever the ultimate verdict, it could have a profound influence on XRP’s regulatory standing and the wider cryptocurrency sector.

Significantly, attorney Fred Rispoli who supports XRP stated that the agency might not make a ruling on an appeal immediately but could potentially make a last-minute decision. In contrast, Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have dismissed worries, asserting they have no plans to prolong the XRP lawsuit.

Previously, Fred Rispoli raised doubts about whether the company could claim statutory interest upon winning an appeal, which might necessitate the SEC to refund the initial $125 million penalty along with interest. In response to this, James Farrell suggested that the SEC might also bear the costs of the appeal and any required bond payments if the company prevails in this prolonged legal fight.

This new development increases the intricacy of the Ripple SEC lawsuit, potentially escalating if the company chooses to file a cross-appeal, contesting the court’s judgment regarding institutional sales and On-Demand Liquidity transactions. With the SEC’s deadline for appealing in October 2024 fast approaching, the implications are substantial, as the decision could greatly influence the cryptocurrency market.

Recently, the price of XRP has exhibited significant fluctuations and is currently at around $0.5866. The trading volume decreased by 11% to reach approximately $928.86 million. In the past 24 hours, it reached a peak of $0.5908. Additionally, there’s been an increase of 1% in XRP Futures Open Interest, suggesting a favorable outlook within the market.

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2024-09-24 20:20