The post 31 Days to SEC Deadline: Ripple’s CEO Claims SEC Has No Chance to Overturn XRP Victory! appeared first on Coinpedia Fintech News
Ripple and the XRP community are celebrating a partial victory in their long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), but the fight might not be over just yet.
As the deadline for the SEC to file an appeal approaches, speculation is growing about the regulator’s next move. Speaking at Korea Blockchain Week Ripple CEO Brad Garlinghouse reassured everyone by addressing concerns about a possible SEC appeal.
The Countdown to Appeal
The SEC has until September 2024 to decide whether to appeal the court’s ruling in its case against Ripple. The final judgment, delivered on August 7, 2024, declared that XRP is not inherently a security, a decision that has sparked mixed reactions within the crypto community.
Since the ruling, the SEC has remained silent, fueling speculation about its next steps. Some believe that recent court criticisms of the SEC’s stance on crypto assets might impact its decision.
Ripple CEO: SEC Can’t Challenge Ruling
Amid this uncertainty, Ripple’s CEO, Brad Garlinghouse, spoke at Korea Blockchain Week (KBW2024) to address concerns about a potential SEC appeal. He confidently stated that there is no credible path for the SEC to challenge the core ruling that XRP is not a security.
Garlinghouse also suggested that the SEC’s aggressive approach toward cryptocurrencies might change with upcoming leadership shifts after the U.S. elections. He noted that the nearly four-year-long lawsuit could finally be nearing its end
Supporting this view, pro-crypto lawyer Bill Morgan highlighted the regulatory differences between the U.S. and other countries.
The core ruling to which he refers is that the XRP token itself is not a security. There is no credible path. Judge Orwell in SEC v Payward Inc (Kraken case) went as far as to say that the SEC could not even argue that the tokens in question in that case were themselves… https://t.co/0j7KB5IzXZ
— bill morgan (@Belisarius2020) September 3, 2024
He noted that the court’s ruling clearly states that XRP itself is not a security, which poses significant challenges for the SEC to argue otherwise.
XRP Price Action
XRP has experienced relatively modest losses compared to the broader crypto market, likely due to speculation that the SEC may not appeal. The token currently sits below the 50-day EMA but remains above the 200-day EMA, signaling a mixed outlook.
If the SEC does appeal, XRP could see a drop below $0.40. However, if the SEC opts not to appeal, XRP could rally towards $1.00, mirroring its response to the court’s ruling on the Programmatic Sales of XRP.
As of now, XRP is trading around $0.55, showing a 3% decline in the last 24 hours. Despite this drop, XRP’s trading volume has surged by 27%, with a market cap of $30.9 billion.
