The lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) has not come to a close, with new reports suggesting that the SEC may challenge the court’s decision. If the SEC decides to appeal, Ripple could face a prolonged legal battle, further adding to the uncertainty surrounding its regulatory status.
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SEC May Appeal Ripple Court Ruling
In a recent X (formerly Twitter) post on September 26, Fox Business journalist Eleanor Terrett shared insights on the ongoing legal battle between Ripple and the US SEC. Terrett revealed that the SEC is considering an appeal of the July 2023 ruling by Judge Analisa Torres regarding Ripple’s XRP sales.
Speculation within the crypto community had suggested that the SEC would not appeal the court’s ruling, leading many to believe that the long-running legal battle was reaching a conclusion. Terrett’s report, however, indicates that a former SEC lawyer hinted at a potential last-minute appeal by the regulator.
The former SEC lawyer allegedly stated, “Everyone over there (at the SEC) truly believes that the decision is wrong, that it’s not good law, and should be appealed.”
Following Judge Torres’ ruling in July 2023 that XRP is not a security, and the subsequent penalties imposed on Ripple in August 2024, the crypto community was hopeful for regulatory clarity. However, with the October 7 deadline for the SEC to appeal looming, Ripple’s legal challenges may continue.
Analyst Affirms October Is Crucial For XRP
‘JackTheRippler,’ a crypto analyst and avid XRP supporter, has stated that October could be a pivotal month for Ripple and XRP holders. Despite reports of a possible SEC appeal, the analyst believes the regulator will not challenge the court’s decision on Ripple.
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He also predicts that XRP could achieve new all-time highs in October, driven by increased adoption in the United States (US). Currently, the price of XRP is at $0.6, showing a 1.94% increase in the last 24 hours according to CoinMarketCap.
Featured image from Canva, Envato Elements, chart from TradingView