- Ripple’s legal victory stands firm, though the SEC may file a last-minute appeal, intensifying the case.
- The SEC’s slow decision process is typical and not necessarily a sign of strategic delay, but investors remain on edge.
Following a recent investigation reported by CNF regarding U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, we discussed what it means for Ripple and XRP. In a significant win for Ripple, the court ruled that secondary sales of XRP are not classified as securities. This decision marked a major victory for the company, which has long been at the center of a legal dispute with the SEC over the classification of its digital currency.
The SEC is nearing its final days to appeal this pivotal ruling in the Ripple case, with the deadline set for October 7th. Despite the ruling, the SEC still has the option to challenge the verdict, potentially reigniting the ongoing legal battle.
What’s the SEC Planning?
Recent discussions within the crypto community have heightened tensions, with many wondering if the SEC will file a last-minute appeal. As tweeted by former SEC attorney Marc Fagel, the delay in the SEC’s decision likely has nothing to do with partisanship but with the agency’s internal authorization process, which Fagel described as “slow and cumbersome.”
I’m sure it has nothing to do with partisanship, and everything to do with the internal authorization process, which is invariably slow and cumbersome. (Not that I have any visibility into their decision-making, but based on past experience.)
— Marc Fagel (@Marc_Fagel) September 30, 2024
He also emphasized that while the SEC often moves at a slower pace, it doesn’t necessarily indicate any reason for concern among XRP holders.
Amid these uncertainties, XRP investors have speculated on the SEC’s intentions, with one user questioning why the agency might wait until the last possible day to file an appeal. Fagel dismissed concerns of any strategic delay, explaining that major decisions within the SEC typically take time due to their bureaucratic nature.
Ripple’s Legal Victory Remains Intact
Despite the looming deadline, Fagel assured that the court’s ruling on secondary sales of XRP remains a significant win for Ripple, and the timing of the SEC’s decision should not cause alarm. While an appeal is still possible, Fagel noted that the likelihood of one has become less predictable as the situation unfolds.
On a brighter note, Ripple faces a reduced $102 million penalty in the XRP case as Gary Gensler and the SEC relent. CNF discussed that the SEC’s original demand of $2 billion has been lowered to $102 million.
As of today, Ripple (XRP) is trading at $0.6014, with a decrease of 3.16% in the past day and a surge of 2.55% over the past week.
