The Ripple vs. SEC battle will be extended until the end of 2025, as the US Securities and Exchange Commission (SEC) has decided to appeal the district court’s ruling. Ripple plans to counter-appeal the regulator’s claims as it continues to threaten the crypto industry with enforcement-based regulation. Meanwhile, traders are bracing for the fallout as XRP prices trend sideways this week.
Ripple SEC lawsuit appeal filed in Second Circuit Court
The U.S. Securities and Exchange Commission has finally filed Form C related to the appeal of the Ripple lawsuit. Form C is a pre-appellate statement required by the United States Court of Appeals.
The appeal of Judge Torres’ ruling drew heated comments from Ripple CEO Brad Garlinghouse and CLO Stuart Alderroti, with the XRP forces arguing that Ripple missed the deadline. Additionally, the SEC is accused of missing Form C filing deadlines and backdating documents.
Specifically, the SEC issued a summary judgment regarding Ripple’s sales of XRP through cryptocurrency exchanges, its distribution to employees and others, and the sales of XRP by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. An appeal was filed.
Government agencies led by Gary Gensler have begun attacking the crypto market with secondary sales following recent losses in the Binance lawsuit and other lawsuits. Crypto industry executives, including Stuart Alderotti, criticized the SEC and Gensler’s approach and overreach.
This secondary market for tickets does not make it a security, just as trading in cryptocurrencies does not. Not all markets are securities markets. pic.twitter.com/qTGlyIHrul
— Stuart Alderoty (@s_alderoty) October 19, 2024
What impact will it have on XRP price?
The long-running US SEC vs. Ripple Labs case has had an impact on XRP price growth, and some experts believe the appeal will continue to have an impact for several years. However, analyst price forecasts and the company’s recent movements suggest otherwise.
Recently, Ripple introduced cryptocurrency custody services for banks and financial technology companies. The company is also close to launching its RLUSD stablecoin and has numerous partnerships for adoption of the XRP Ledger. XRP price analysis by CoinGape shows that the price could reach $1 after the RLUSD launch.
The crypto industry is positive about the U.S. Securities and Exchange Commission’s approval of the XRP ETF as companies roll out indexes and futures in regulated markets. However, Bitnomial XRP futures were challenged as securities regulators argued that futures fall under the jurisdiction of both the SEC and the CFTC.
This week, XRP’s price performance rose by just 1% after the SEC appealed the Ripple lawsuit. The stock is currently trading at $0.54, with a 24-hour low of $0.542 and high of $0.550. Additionally, trading volume has declined by another 30% in the past 24 hours, indicating a lack of interest from traders.
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Varinder Singh
Varinder has 10 years of experience in fintech, with over 5 years dedicated to blockchain, cryptocurrency and Web3 development. A technology enthusiast and analytical thinker, he has shared his knowledge about disruptive technologies in over 5,000 news, articles, and papers. Together with CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He currently covers all the latest information and developments in the cryptocurrency industry.
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