The post XRP Lawsuit News : The SEC’s Appeal Strategy Could Destroy Ripple’s Win! appeared first on Coinpedia Fintech News
The SEC has 11 days to appeal the XRP ruling. In a new round of the Ripple vs SEC legal conflict, former SEC lawyer Marc Fagel revealed the agency’s probable appeal strategy. The SEC may appeal the high-profile XRP lawsuit before the October deadline. Despite a recent court victory for Ripple, the SEC may question the legality of programmatic sales that were not unregistered securities offerings. Let’s step in to know the details.
BREAKING: Gary Gensler indirectly says that #XRP is not a security! I believe the SEC will not appeal the XRP ruling. pic.twitter.com/UxP9jp8yh0
— JackTheRippler © (@RippleXrpie) September 25, 2024
Potential Appeal Strategy
Responding to the rumors, Fagel highlighted that if the SEC files an appeal, it would likely target the court’s decision regarding XRP sales made through intermediaries. The appeal won’t focus on the $125 million penalty Ripple was ordered to pay, as Ripple received a stay order for that penalty. Instead, the SEC is more interested in overturning the ruling on these sales, as it could have broader implications for future crypto-related cases.
No. The SEC, if they appeal, will challenge the ruling on whether programmatic sales (i.e. through intermediaries) were unregistered securities offerings. It has nothing to do with the penalty.
— Marc Fagel (@Marc_Fagel) September 25, 2024
Ex-SEC lawyer James Farrell also weighed in, suggesting a 75% chance that the agency will proceed with an appeal. Farrell said failing to appeal might weaken the SEC’s position in future crypto asset cases. The October 7 deadline is fast approaching, leaving everyone guessing about the next move.
XRP Price Took a Toll
XRP is on a roller-coaster ride with SEC’s appeal rumors. Currently trading at around $0.5834, down 1.4%, XRP has seen its price fluctuate recently. Trading volume has also dropped, reflecting the uncertainty surrounding the lawsuit. Ripple executives, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, have maintained that the case is over, denying any potential appeal claims.
However, many experts still believe that the SEC could file a last-minute appeal, which would drag the legal battle and potentially impact XRP’s market performance. With both sides preparing for the next steps, the case remains one of the most closely watched in the crypto space. As the October deadline nears, the possibility of an SEC appeal could lead to extended legal battles, leaving XRP’s future hanging in the balance.
Can Ripple Keep XRP Momentum Alive?
Moreover, at present Ripple’s Swell conference on October 14-15 is also heating up with a buzz around the launch of its stablecoin, RLUSD, and a potential XRP-focused ETF announcement. As Ripple gears up for a $50 trillion tokenization boom on the XRP Ledger, all eyes are on whether the SEC will file an appeal in the ongoing lawsuit. While Ripple’s leadership seems unfazed, the future of XRP and crypto regulation could shift dramatically if the legal battle continues.