As a seasoned crypto investor with over a decade of experience navigating the turbulent waters of digital assets, I find myself both intrigued and cautiously optimistic about the latest developments in the XRP lawsuit saga. Having witnessed numerous twists and turns in this industry, I’ve learned to expect the unexpected.
Recently, the XRP lawsuit has been drawing a lot of attention from investors. After a prolonged legal battle, the case came to an end in August. Lately, signs suggest that the U.S. Securities and Exchange Commission (SEC) might file an appeal, potentially initiating another chapter in the Ripple case. Meanwhile, a former SEC lawyer has offered insights on the possible appeal strategy of the agency, should they choose to proceed with their plans.
US SEC’s Potential Appeal Strategy In XRP Lawsuit
The XRP lawsuit has been one of the closely watched legal battles in the crypto space. Meanwhile, last month, Judge Torres ordered Ripple to pay a penalty of $125 million, concluding the long battle. However, the blockchain firm has received a stay order from the court for its penalty payment.
As the October deadline nears, there’s growing anticipation about a possible US SEC appeal in this case. According to former SEC lawyer Marc Fagel, the agency may concentrate its appeal efforts on contesting the decision that programmatic sales, or sales conducted via intermediaries, were not considered unregistered securities offerings.
Responding to a recent debate, Fagel made it clear that the focus of their argument would not be on imposing penalties, but rather on questioning the lawfulness of these transactions. He underscored that if the SEC decides to take action, its goal would be to reverse this particular aspect of the verdict.
The possibility of a court appeal in the ongoing Ripple vs. SEC lawsuit has been widely discussed. Former SEC attorney James Farrell estimates that there’s a 75% probability the agency will proceed with an appeal. At the same time, legal experts argue that not pursuing an appeal could potentially compromise the SEC’s stance in future cryptocurrency-related court cases.
XRP Price Sees Volatility Despite Ripple Defying Appeal Claims
In recent trades, XRP‘s price has shown significant fluctuations, currently standing at $0.5834, marking a decrease of 1.4%. Moreover, its trading volume dipped by 2% over the past day to reach approximately $992.51 million. Worth mentioning is that in the last 24 hours, XRP reached a peak of $0.5949, underscoring its volatile trend.
Regarding the XRP lawsuit, Ripple’s CEO, Brad Garlinghouse, and CLO, Stuart Alderoty, have stated that the case has been resolved. They’ve further dismissed any suggestions of a possible appeal, a decision that has ignited conversations within the financial market.
As the October 7 deadline nears, some analysts predict that the SEC might make a late appeal, which could potentially extend the court proceedings and influence the market’s perception of XRP. Interestingly, there’s speculation that Ripple may counter-appeal if the SEC pursues its strategy.
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2024-09-26 03:09