As a seasoned crypto investor with a decade-long journey in this wild and unpredictable market, I find myself once again navigating the tumultuous waters of the Ripple vs SEC case. The latest developments have left me scratching my head, much like a chicken trying to solve quantum physics equations.
In the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), the SEC has filed a “notice of appeal” in the Second Circuit court this week, leaving the XRP community perplexed about what specific aspects the SEC is appealing. It appears that the SEC’s appeal pertains to the court’s ruling on remedies, particularly the $125 million penalty imposed on Ripple, rather than requesting further clarification via Form C.
Ripple vs SEC Case Finds Key Details
In the recent SEC filing made this week, the securities agency mentioned August 7th as the ‘final verdict’ date, but failed to specify the particular points they plan to contest in their appeal. Consequently, the XRP community is left puzzled about whether the SEC aims to challenge the decision on future programmatic sales from July 2023 or the court-imposed $125 million fine for institutional sales that was due on August 7th.
Nevertheless, a document filed by CoinGape indicates that the plaintiff, the US Securities and Exchange Commission (SEC), has requested a final court ruling on August 7 regarding a $125 million fine against Ripple. Although Ripple agreed to this fine, the SEC was dissatisfied with the court’s decision in the Ripple vs SEC case. This dissatisfaction stems from the fact that the regulator had initially sought a $2 billion penalty from Ripple prior to the verdict.
Earlier today, Eleanor Terret from Fox Business reported that the Securities and Exchange Commission (SEC) hasn’t provided the detailed appeal information on the Ripple case by filing a Form C with the Second Circuit Court yet.
The agency should speed up the procedure to give Ripple definitive instructions about what steps to take next, she pointed out. Additionally, Ripple has until 14 days from now to submit a cross-appeal in the XRP lawsuit, if they decide to do so.
The Securities and Exchange Commission (SEC) has not submitted their Form C with the Second Circuit as of now, which outlines what they’re appealing. They should submit it promptly so that Ripple can understand the next steps. Additionally, Ripple has 14 days from today to file a cross-appeal if they decide to do so.
Form C:
— Eleanor Terrett (@EleanorTerrett) October 3, 2024
Conclusion of XRP Lawsuit and XRP Price Action
As a crypto investor, I’ve been closely following the ongoing Ripple lawsuit. According to Fred Rispoli, a lawyer who supports XRP, we might not see a ruling from the 2nd Circuit Court before early 2026 at the earliest. However, it’s important to note that if both parties come to an agreement and decide to settle, the appeal could be withdrawn at any point in time.
After the SEC’s appeal, the value of XRP has been under significant downward pressure, causing it to decrease more than 15%. Currently, each XRP is being exchanged for approximately $0.52, and its total market capitalization stands at around $29.7 billion.
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2024-10-04 12:16