New developments in the lawsuit between Ripple and the SEC on October 8
The SEC appealed Judge Torres' recent ruling, causing a sharp drop in the price of XRP.
The XRP community launched a petition against the SEC's claims, but this does not have the legal effect of stopping the litigation process.
The dissatisfaction in the XRP community is rising
The nearly four-year legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been frequently updated in recent months. The key turning point was Judge Torres' ruling in August, who determined that Ripple's sales of XRP to retail investors on the secondary market did not constitute securities transactions, but ruled that Ripple must pay a fine of $125 million for violating certain securities laws.
Ripple seemed quite satisfied with the ruling because the fine was 94% less than the $2 billion originally requested by the SEC. Therefore, many people expected the SEC to appeal, and the result was indeed correct.
As soon as the news came out, the price of XRP immediately plunged, and there were complaints in the community. XRP's loyal fans even launched a petition called "Stop the SEC's unnecessary and unreasonable appeal in the Ripple v. SEC case." The main purpose is to make "everyone's voice heard." The petition said: "Our request is simple - to stop the SEC's unfounded appeal of the final judgment in the Ripple v. SEC case. The impact of this case goes far beyond Ripple and its stakeholders. It is about the basic principles of digital currency regulation." So far, more than 8,300 people have signed, and 569 people have joined in the past 24 hours. The goal is to collect 10,000 signatures. Can the petition prevent the appeal? It should be noted that the legal process is not affected by public opinion and petitions. Therefore, this move by the community cannot directly intervene in or suspend the judicial process legally. However, it does raise people's attention and make more people pay attention to this case. The article "New Developments in Ripple and SEC Litigation on October 8" was first published by CryptoPotato. #大A香还是大饼香 #非农人数大幅升温 #HBO纪录片或揭示中本聪身份 #美联储11月降息预期升温
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