The XRP case attracted significant attention as a long-standing legal battle concluded in August. However, the potential for the U.S. SEC to appeal indicates a new phase in the Ripple case. Former SEC attorneys shared their insights regarding strategy on this matter.
SEC's Potential Appeal Strategy
The XRP case is one of the closely monitored legal struggles in the cryptocurrency market. Last month, Judge Torres ordered Ripple to pay a fine of $125 million, marking the end of a lengthy struggle. Nevertheless, the blockchain company obtained a stay from the court regarding the payment of the fine.
As October approaches, speculation regarding the SEC's potential appeal has intensified. Former SEC attorney Marc Fagel stated that the agencyâs appeal strategy would hinge on the assertion that programmatic sales do not constitute a registered securities offering. Fagel remarked, âThe SECâs move to appeal will not be about penalties but rather the legality of these sales.â
Fluctuations in XRP's Price
XRP's price has displayed high volatility recently, currently trading at $0.5834 after a 1.4% decline in the last 24 hours. Trading volume also experienced a 2% drop to $992.51 million in the same period. The altcoin reached up to $0.5949 in the last 24 hours.
On the other hand, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty refuted claims about appealing the conclusion of the case.
With the October 7 deadline for an appeal rapidly approaching, some experts believe the SEC may launch a last-minute appeal. Such a move could prolong the case and impact XRP's future in the market. Ripple is expected to counter any SEC appeal should the agency proceed.
As the possibility of an appeal remains a focal point of discussions, another former SEC attorney, James Farrell, indicated a 75% likelihood of the agency pursuing an appeal. Attorneys argue that not appealing could weaken the agencyâs position in future cryptocurrency-related cases.
The Ripple versus SEC case deeply interests the cryptocurrency market. The continuation of the appeal process could significantly influence the case's trajectory and XRP's future. Market observers and investors are closely monitoring developments as the October 7 deadline approaches.
