- Ripple now has 14 calendar days to submit a counter-appeal to SEC’s challenge of the court decision.
- Ripple’s CEO criticizes SEC’s legal battle for being irrational. He emphasizes that XRP’s status as a non-security remains unchanged.
According to the latest update in Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission, the company has now 14 days to file a counter appeal against a recent court ruling on XRP sale to institutional investors. to crypto influencer Marty Party.
After a ruling by a district judge in July of 2023, that selling XRP to a public marketplace did not fall under the definition of a securities, the SEC made a decision to appeal. Ripple benefited from this. SEC spokesperson:
“We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit.”
A Ripple Reaction to SEC Partial Victory and Future Legal Strategy
SEC won in part, but not entirely, when Ripple The SEC fined Ripple $125 million because it sold XRP institutional investors. Ripple still hasn’t decided whether or not to appeal, despite the fact that the $125 million fine is less than $2 billion as demanded initially by the SEC.
The appeal of both Ripple and the SEC would be consolidated under a single case before the U.S. Second Circuit Court of Appeals if Ripple chose to act.
Stuart Alderoty – Chief Legal officer of Ripple – said the SEC action wasn’t shocking but it disappointed him. The SEC’s decision, he said, was similar to a “litigation war” The legal enforceability is not the only consideration.
Brad Garlinghouse (CEO of XRP) also attacked SEC action. He said that the courts had confirmed that XRP is not a security on the public market, and that an appeal from the SEC would therefore have no effect. Garlinghouse added that Ripple would fight its case in court until it was successful.
Crypto Sector Faces Uncertainty After Protracted Legal Proceedings
A ruling is not likely to come until the early part of 2026. The appeals procedure will be long and drawn-out. SEC filings and Ripple’s first arguments will be heard in the second quarter of 2025. As the authorities continue to pressurize the entire crypto industry, XRP’s and Ripple’s fate might not be known for the next couple of years.
Ripple is focused on other legal initiatives, such as the launch of the RLUSD stablecoin or the introduction of an alternative currency. XRP-based ETF. This announcement will likely be made at Ripple’s upcoming annual Swell, which is expected to increase already existing anxiety in the crypto community as they await clarity.
As per our previous reportThe SEC has officially challenged the decision of Judge Analisa Torres on Ripple’s programmatic XRP sale. Brad Garlinghouse claimed the SEC ruling was unjust. “irrational” This was not done to protect investors. Instead, the action was designed to prolong ongoing legal disputes.
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Source: www.crypto-news-flash.com
