The time for the U.S. Securities and Exchange Commission (SEC) to appeal the final ruling from August 7 of the XRP lawsuit is closer to an end. The regulator has until October 7, 2024, to appeal, and prominent crypto figure JackTheRippler (@RippleXrpie) posted on X suggesting the case might soon be permanently closed without an appeal, reflecting a growing sentiment among supporters.
Many in the community are eagerly waiting for that date so they can close the curtain on the legal battle and look toward XRP’s future. However, some remain skeptical, believing the SEC might wait until the last moment to file an appeal.
The Infamous XRP Lawsuit
The legal battle between the SEC and Ripple began in December 2020 when the SEC accused Ripple of raising over $1.3 billion through sales of unregistered securities. The SEC argued that XRP was an unregistered security, and Ripple firmly denied this claim.
XRP received clarity in July 2023, when the court ruled that XRP itself was not a security and non-institutional sales were not securities offerings. However, the court determined institutional sales to be securities offerings, and ruled in August that Ripple must pay $125 million and not violate securities laws going forward.
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Will the SEC Appeal?
The question of whether the SEC will appeal the ruling remains open. Jeremy Hogan, a notable attorney, recently stated that the SEC has little to lose by filing an appeal, which only takes about 15 minutes to submit, followed by 70 days to prepare a brief.
This would have allowed the SEC to maintain the pressure on Ripple while preparing its arguments, leading some to speculate that the absence of an appeal thus far suggests the SEC may not intend to proceed.
Community opinions are divided. Some users on X are confident that the SEC’s delay indicates a declining likelihood of an appeal, others argue that the SEC’s strategy might involve a last-minute filing to prolong regulatory uncertainty and hinder XRP’s progress.
One user stated that the SEC would wait until the final 10 seconds before filing its appeal, accusing the regulator of slowing innovation and giving its banker friends more time. However, some are hopeful, as one user who believes XRP’s price has been manipulated and suppressed, stated that the end of the appeal timeline will finally free XRP, and we will see its true price.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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