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I the case between Ripple and the United States Securities and Exchange Commission (SEC) is actually not over, as new reports of The administrator may challenge the court’s decision they have already appeared. If the SEC decides to proceed with the appeal, Ripple could be embroiled in a very long and tedious legal battle, increasing uncertainty about its regulatory transparency.
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SEC May Appeal Ripple Court Decision
At X (formerly Twitter) posted On September 26, Fox Business reporter Eleanor Terrett revealed new information about the three-year court battle between Ripple and the US SEC. Terrett revealed that The SEC may file an appeal July 2023 decision made by Judge Analisa Torres’ regarding Ripple’s planned sale of XRP.
In the crypto community, there has been ongoing speculation about the SEC’s intentions to appeal the court’s decision to Ripple. Many members of the crypto community had assumed that the regulator would not file a complaint, as a result, they believed more than three years of legal battle it would eventually end.
Terrett’s new report has put this speculation to rest, as he revealed that the SEC’s recently departed attorney informed him directly that the regulator could file a last-minute appeal against Judge Torres’ court decision.
“Everybody over there (at the SEC) really believes that the decision is wrong, that it’s not good law, and it should be overturned,” the former SEC attorney said.
Earlier in July 2023, the crypto community celebrated Ripple’s win is partial against the US SEC, following Judge Torres’ ruling that XRP is not a security. Specifically, the ruling stated that the planned sale of XRP was not considered a security.
In addition, in the most recent court hearing in August 2024, Judge Torres concluded the first chapter of the lawsuit between Ripple and the SEC. imposing a fine of $125 million on Ripple and prohibiting the digital asset company from future securities violations.
This result was seen as a great victory for the Ripple community, as it provided the necessary legal clarity and it seems the end of a long court battle. However, October 7 was the deadline for SEC to file a complaintRipple may face more legal hurdles if the regulator moves forward with the challenge.
Analyst Confirms October Is Important For XRP
‘JackTheRippler,’ a crypto analyst and prominent supporter of XRP, has announced October will be a life-changing month for both Ripple and XRP owners. Contrary to recent reports of a potential SEC complaintthe analyst predicts that the regulator will not appeal the court’s decision regarding Ripple.
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He also predicts that XRP could reach new all-time highs in October, driven by the start of mass adoption in the United States (US). As written, i The highest value of XRP is trading at $0.6, representing a 1.94% increase in the last 24 hours, according to CoinMarketCap.
Featured image from Canva, Envato Elements, chart from TradingView