Approaching Deadline for SEC’s Appeal
With the January 15 deadline for the U.S. Securities and Exchange Commission (SEC) to file its appeal fast approaching, tensions are rising within the crypto community. However, according to a legal expert, the SEC is likely to stay the course and submit the appeal as expected.
The SEC surprised the crypto world when it appealed the decision made by Judge Analisa Torres on August 7 in its case against Ripple. The initial appeal was filed on October 2, followed by the submission of Form C 15 days later.
Originally, the SEC had 91 days to prepare its main brief, but in late October 2024, it requested an extension until January 15. The court granted this request, providing the regulator with additional time to prepare its case.
Legal Expert Predicts SEC Will File an Appeal
Jeremy Hogan, a well-known pro-XRP lawyer, expressed his belief that the SEC will indeed file its appeal. According to him, the regulator may focus on issues such as the sale of XRP on exchanges, the distribution of XRP to Ripple employees, and the sale of XRP by co-founder Chris Larsen and CEO Brad Garlinghouse.
Hogan emphasized that the current administration, led by Gary Gensler, remains in power, which increases the likelihood of the appeal being filed. At the same time, he urged the crypto community to remain calm, noting that the appeal itself will not alter the outcome of the case.
Possibility of Settling the Case
Hogan suggested that the case could still be settled even after a leadership change at the SEC, which is expected to occur five days after the deadline. The lawyer believes the new administration might prefer to reach a settlement or even drop the case entirely.
On August 7, 2024, a partial settlement between Ripple and the SEC was reached, including a $125 million resolution. A similar agreement could be revisited if the SEC decides to pursue a settlement.
Expectations for XRP Price Growth
Analysts predict that a potential settlement could have a positive impact on XRP’s price. Reports suggest that the asset’s value could rise by as much as 66%, echoing the price movement seen after the August ruling. If a deal is reached, it could lead to significant appreciation of XRP in the market.
The SEC and Ripple remain at the center of attention, with decisions in the coming weeks potentially having far-reaching implications not only for XRP but for the entire crypto sector.
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