Ripple's resurgence: SEC lawsuit appeals are always around the corner, and the future is full of suspense!
On the stage of the crypto world, Ripple's struggle with the U.S. Securities and Exchange Commission (SEC) is like a dramatic drama. On October 17, the SEC filed a key Form-C appeal, which once again put Ripple's fate on the cusp. Discussions on social media about whether the SEC missed the filing deadline are in full swing, but we confirm that all this is not empty talk. With the formal filing of the appeal, how will Ripple's confrontation with the SEC play out? Let's analyze it in depth.
Ripple's short-lived victory may face challenges!
In July 2023, Judge Analisa Torres ruled that XRP sold by Ripple to retail investors did not constitute securities, but institutional sales were deemed securities. On August 7, she upheld the ruling and imposed a $125 million civil penalty on Ripple Labs. The SEC wanted to review all XRP sales and sought a $2 billion fine against Ripple, but the request was rejected by the judge, causing a major setback for the SEC.
SEC's emergency measures:
As the deadline approached, the SEC quickly filed a notice of appeal and Form-C. It is worth noting that this appeal does not question the retail sales of XRP, but targets Ripple's quotation and sales behavior on digital platforms, as well as sales by individual executives. The SEC believes that these should still be considered securities violations and challenges the court's ruling that the issuance of XRP in the form of non-cash consideration does not violate the law.
Interestingly, the appeal will re-examine all legal issues, which means that the appellate court will interpret the relevant securities laws from scratch. This process adds uncertainty to Ripple's future, but the retail victory is not affected in the short term.
Ripple's firm response:
Ripple Chief Legal Officer Stuart Alderoty reiterated on the social media platform X that XRP is not a security and called on the community to continue to pay attention to the progress of the case. Ripple will submit Form C next week to continue to defend its rights and interests.
Like a flower blooming in the desert, Ripple still seeks vitality in adversity. Let us wait for the outcome of this legal battle. What kind of dawn will come? Follow Boshi and share more exciting moments in the future with you!
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