The lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) has in fact not ended, as new reports of the regulator possibly opposing the court’s decision have surfaced. If the SEC decides to proceed with the appeal, Ripple could be drawn into an even longer and more tedious legal dispute, extending the uncertainty about its regulatory clarity.
SEC May Appeal Ripple Court Ruling
In an X (formerly Twitter) post on September 26, Fox Business journalist Eleanor Terrett revealed new information concerning the three-year-long court battle between Ripple and the US SEC. Terrett disclosed that the SEC may likely appeal the July 2023 ruling made by Judge Analisa Torres’ concerning Ripple’s programmatic sales of XRP.
In the crypto community, there has been an ongoing conjecture over the SEC’s intentions to appeal the court’s ruling on Ripple. Many crypto community members had assumed that the regulator would not file an appeal, as a result, they believed that the more than three-year-long legal battle would finally come to an end.
Terrett’s new report has put a halt to these speculations, as she reveals that a recently departed SEC lawyer directly informed her that the regulator may file a last-minute appeal against Judge Torres’ court ruling.
“Everyone over there (at the SEC) truly believes that the decision is wrong, that it’s not good law, and should be appealed,” the former SEC lawyer allegedly stated.
Earlier in July 2023, the crypto community celebrated Ripple’s partial win against the US SEC, following Judge Torres’ ruling that XRP is not a security. Specifically, the ruling stated that programmatic sales of XRP were not considered a security.
Moreover in a more recent court hearing in August 2024, Judge Torres brought the first chapter of the lawsuit between Ripple and SEC to a close by imposing a $125 million penalty on Ripple and forbidding the digital asset firm from violating future securities law.
This outcome was seen as a major win for the Ripple community, as it provided well-needed legal clarity and seemingly put an end to the prolonged court battle. However, with October 7 being the deadline for the SEC to file an appeal, Ripple could face more legal hurdles if the regulator moves forward with the challenge.
Analyst Affirms October Is Crucial For XRP
‘JackTheRippler,’ a crypto analyst and prominent XRP supporter, has declared October to be a life-changing month for both Ripple and XRP holders. Contrary to recent reports of a potential SEC appeal, the analyst predicts that the regulator would not appeal the court’s ruling on Ripple.
He also forecasts that XRP could reach new all-time highs in October, driven by the start of mass adoption in the United States (US). As of writing, the price of XRP is trading at $0.6, reflecting a 1.94% increase in the last 24 hours, according to CoinMarketCap.
Featured image from Canva, Envato Elements, chart from TradingView