SEC Yet to Reveal Why It’s Appealing Ripple Case

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As a seasoned crypto investor with a knack for deciphering market trends and legal jargon, I find myself closely watching the ongoing saga between Ripple and the SEC. Having witnessed numerous twists and turns in this rollercoaster ride, I can’t help but feel a sense of deja vu as we wait for the SEC to file its Form C with the Second Circuit.

The U.S. Securities and Exchange Commission is yet to file its Form C with the Second Circuit. 

In this specific form, the agency is supposed to detail what issue it wants to appeal. 

Currently, it’s uncertain if the SEC plans to challenge the judgment from July 2023, where Ripple was victorious in their case, with the ruling classifying XRP tokens as non-securities for secondary transactions.

According to U.Today’s report, the Securities and Exchange Commission (SEC) filed an appeal on October 2nd, which led to a substantial drop in the value of the top-ranking cryptocurrency.

In a news discussion, Ripple’s CEO, Brad Garlinghouse, didn’t hold back his feelings, calling the situation “frustratingly unfair” and suggesting that there might be some corrupt practices at play within the agency.

As stated by Stuart Alderoty, Ripple’s chief legal officer, the company is not completely dismissing the possibility of cross-appelling. However, it appears that a decision on this matter has not yet been reached. At present, Ripple is weighing its available options. The company has two weeks to submit its cross-appeal if they decide to proceed with it.

Legal analyst Fred Rispoli posted on his social platform that the SEC’s written submission (brief) might be submitted by early December this year. He anticipates an oral hearing to take place towards the end of 2025. According to him, a decision could be made around April 2026.

Currently, the price of XRP is facing difficulties, decreasing by 0.9% in the last 24 hours. Earlier this week, it saw a significant drop of over 10% due to the SEC’s decision to appeal.

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2024-10-04 09:16