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The lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) has not concluded, as new reports suggest the regulator may oppose the court’s decision. Should the SEC decide to appeal, Ripple could find itself embroiled in a longer and more complex legal battle, prolonging the uncertainty around its regulatory status.
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SEC May Appeal Ripple Court Ruling
In a post on X (formerly Twitter) dated September 26, Fox Business journalist Eleanor Terrett shared new developments in the three-year-long legal tussle between Ripple and the US SEC. According to Terrett, the SEC is considering appealing the July 2023 ruling by Judge Analisa Torres concerning Ripple’s programmatic sales of XRP.
The crypto community has been rife with speculation regarding the SEC’s intentions to challenge the court’s decision on Ripple. Many believed the regulator would abstain from filing an appeal, thus marking the end of the protracted legal conflict. However, Terrett’s recent revelations have reignited uncertainty, as a former SEC lawyer reportedly informed her that the agency might lodge a last-minute appeal against Judge Torres’ decision.
“Everyone over there (at the SEC) truly believes that the decision is wrong, that it’s not good law, and should be appealed,” the former SEC lawyer allegedly stated.
In July 2023, the crypto community celebrated a partial victory for Ripple when Judge Torres ruled that XRP is not a security, specifically stating that programmatic sales of XRP did not constitute a security. This decision was perceived as a significant win, providing much-needed legal clarity and seemingly concluding the lengthy court battle.
However, in a subsequent court hearing in August 2024, Judge Torres closed the first chapter of the lawsuit by imposing a $125 million penalty on Ripple and prohibiting the digital asset firm from violating future securities laws.
Currently, XRP is trading at $0.61, according to TradingView. This outcome was lauded by the Ripple community, as it appeared to end the prolonged legal dispute. However, with the SEC’s deadline to file an appeal approaching on October 7, Ripple might face additional legal challenges if the regulator proceeds with the appeal.
Analyst Affirms October Is Crucial For XRP
‘JackTheRippler,’ a well-known crypto analyst and XRP advocate, has declared October to be a transformative month for both Ripple and XRP holders. Contrary to recent reports of a potential SEC appeal, the analyst predicts that the regulator will not contest the court’s ruling on Ripple.
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The analyst also anticipates that XRP could reach new all-time highs in October, fueled by the onset of mass adoption in the United States (US). As of the latest data from CoinMarketCap, XRP is trading at $0.6, reflecting a 1.94% increase in the past 24 hours.
With the looming possibility of an SEC appeal, the coming weeks are critical for Ripple and its community. The outcome could either solidify Ripple’s position in the market or extend the legal uncertainties that have plagued the company for years.
