As the October 7, 2024, deadline approaches, the crypto world is holding its breath to see if the U.S. Securities and Exchange Commission (SEC) will appeal the landmark XRP lawsuit ruling from August 7. The decision could mark a definitive end to one of the most closely watched legal battles in cryptocurrency history, or it could drag on further, depending on the SEC’s next move.
Prominent crypto advocate JackTheRippler (@RippleXrpie) recently sparked speculation by suggesting that the case might close without an appeal. This sentiment is gaining traction among XRP supporters, many of whom are eager to turn the page on the prolonged legal saga and focus on the token’s future. However, there’s still an air of uncertainty, as some believe the SEC might be waiting until the last minute to file an appeal.
The Ripple-SEC Battle – A Recap
The conflict between Ripple and the SEC dates back to December 2020, when the SEC sued Ripple, accusing it of raising over $1.3 billion through sales of unregistered securities. The SEC argued that XRP, Ripple’s native token, qualified as a security, subjecting it to U.S. securities laws. Ripple, on the other hand, has consistently denied these claims.
A significant breakthrough came in July 2023, when a U.S. District Court ruled that XRP was not inherently a security. The ruling clarified that while XRP’s sales to retail investors were not considered securities offerings, institutional sales did fall under that category. As part of the August 2023 decision, Ripple was ordered to pay $125 million in penalties and was warned against future securities violations.
Appeal or No Appeal?
The looming question now is whether the SEC will appeal this ruling before the October deadline. Legal experts and crypto analysts have offered mixed opinions. Attorney Jeremy Hogan, a prominent figure in the XRP community, pointed out that an appeal is a relatively simple process, requiring only about 15 minutes to file, with 70 days to submit detailed arguments.
Filing an appeal would give the SEC more time to maintain pressure on Ripple and extend regulatory uncertainty around XRP. However, the absence of an appeal thus far has led to speculation that the SEC may not intend to proceed, raising hopes among XRP’s advocates that the legal battle may finally be nearing an end.
Community Sentiment
The XRP community is divided. Many believe the SEC’s delay in filing indicates a diminishing likelihood of an appeal. Some users on X (formerly Twitter) argue that the regulator may be using a last-minute strategy to prolong the case, aiming to stifle XRP’s progress and keep the market in suspense.
One user quipped that the SEC would likely wait until the “final 10 seconds” to file an appeal, accusing the regulator of intentionally slowing innovation in favor of protecting traditional financial institutions. On the other hand, some XRP supporters are optimistic, believing that once the appeal deadline passes, the token’s price will finally rise to its true potential, no longer suppressed by legal uncertainties.
Also Read: XRP Surges To $0.6129 – Can It Sustain Momentum Above $0.60? Key Levels And Analyst Insights!
As the clock ticks down, the crypto world remains on edge. If the SEC chooses not to appeal, it would mark a significant victory for Ripple and provide clarity to the broader crypto market. For XRP holders, this could signal the beginning of a new era for the token, potentially unlocking price surges driven by renewed investor confidence.
However, if the SEC does file an appeal, the legal battle will continue, keeping XRP’s fate uncertain for the foreseeable future. Until October 7, all eyes remain on the SEC, with the future of one of the most prominent cryptocurrencies hanging in the balance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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