Latest Ripple v. SEC Lawsuit Update Oct 9th
TL;DR
- US judge Analisa Torres denied the SEC’s appeal from a July ruling favoring Ripple. The pivotal trial is slated for April 23, 2024.
- After Ripple’s legal victory, XRP’s price rose to around $0.55, following a previous jump to over $0.85.
- Some speculate the SEC might drop the case against Ripple, but many believe the agency will persist or seek delays.
What Happened Last Week?
The legal battle between Ripple and the United States Securities and Exchange Commission reached another heating point on October 3. Back then, US judge Analisa Torres dismissed the agency’s wish to appeal the July ruling, which determined that the crypto company’s XRP sales from years ago did not constitute an offer of investment contracts.
The latest court decision infused another dose of enthusiasm that a decisive victory for Ripple is just around the corner. The trial in the lengthy lawsuit between the organizations is scheduled for April 23, 2024, as its outcome could be of huge importance to the entire cryptocurrency sector and the future regulatory environment in the States.
Apart from that, Ripple’s second win in a row against the SEC prompted a price increase for XRP, which jumped to almost $0.55 (CoinGecko’s data). It is worth mentioning that the surge was much more significant after the first victory in the summer when the asset spiked by over 70%, surpassing the $0.85 level.
Could the SEC Wave the White Flag?
Ripple’s march towards a full-scale victory (given the latest court rulings) has given analysts and experts the opportunity to speculate that America’s securities regulator might prematurely end the battle for various reasons.
Yassin Mobarak – founder of the private equity firm focused on startups in the tech sector Dizer Capital – thinks the Commission could withdraw all charges against the blockchain enterprise and its CEO Brad Garlinghouse since it is not in its interest to have a trial where “their corruption can be exposed.”
“They will now move to end this case as soon as possible so that they can appeal to the 2nd circuit and continue to sustain this cloud of uncertainty on the whole industry. Litigation, by itself, regardless of the outcome, is the weapon,” he said.
However, most X (Twitter) users who commented below the post argued that such a scenario is highly unlikely considering the SEC’s determination in previous cases. Some predicted that the agency would not call it quits but attempt to delay the conclusion as long as possible.
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