The US SEC has filed an appeal in the Ripple (XRP) case, accused of violating the Securities Act. The original ruling imposed a $125 million penalty on Ripple. The outcome could have significant repercussions for Ripple and the broader crypto industry.
The SEC challenges Judge Analisa Torres’ ruling in favor of partial XRP ownership and questions Ripple executives' sales of XRP. Legal expert opinions suggest that the previous ruling weakens the SEC's grounds for an appeal, leading to potential market ramifications like an XRP ETF delay.
Ripple CLO Stuart Alderoty projects the case extending until July 2025. Ripple plans a cross-appeal shortly after the SEC’s filing, followed by a briefing schedule. This legal step could continue to affect Ripple's operations.
The XRP community mainly awaits Ripple's Form C, as XRP's price shows stability despite recent challenges. The unresolved legal questions raised by the case remain pertinent for XRP's status and the larger regulatory landscape.
This case holds broader implications, potentially affecting global debates on cryptocurrency classification and legal frameworks. Meanwhile, both parties prepare for an extensive legal showdown.
