If anybody outside of crypto asks you these days what’s the hottest topic right now in that industry, the answer would be simple: XRP.
The XRP price is now above $3, for the first time in 7 years. Multiple factors influenced that, one of them is huge buying pressure from whales and another one is a new update on the XRP vs SEC case.
SEC Files Appeal Against Previous Ruling
Just hours ago, the Securities and Exchange Commission (SEC) officially filed its appeal in the Ripple XRP lawsuit. Lawyer James K. Filan was quick to confirm the news, reporting that the SEC had submitted its opening brief.
Pro-crypto lawyer Jeremy Hogan expressed his thoughts on the complex situation, noting that while the SEC brief was challenging to analyze, he wasn’t “holding back” in sharing his analysis of the initial Ripple v. SEC appeal brief.
This SEC brief was hard to work thru because, IMO, the case won’t be ruled on. But I’ve come this far so, dangit, here we go! My thoughts on the initial Ripple v. SEC appeal brief…
We aren’t holding back tonight. 🙂 https://t.co/l8Tcqdfuxc pic.twitter.com/bIWnJC1y3N
— Jeremy Hogan (@attorneyjeremy1) January 16, 2025
Ripple vs SEC’s Legal Battle Intensifies
The U.S. Securities and Exchange Commission’s appeal, filed on January 15, 2025, challenges the July 2023 court ruling that partially dismissed claims against Ripple Labs. That ruling made a crucial distinction: XRP isn’t a security when traded on public exchanges but qualifies as one in institutional sales. Now, the SEC wants to overturn this decision, arguing that all XRP transactions should be classified as unregistered securities offerings. They’re pointing to Ripple’s marketing efforts as evidence that investors expected profits from their investments.
JUST IN: Ripple’s Chief Legal Officer says the SEC’s lawsuit is “likely to be abandoned by the next administration.”
— Watcher.Guru (@WatcherGuru) January 16, 2025
Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed the SEC’s appeal as “just noise,” saying it merely recycles previously rejected arguments. He believes the incoming administration under President-elect Donald Trump will likely abandon the appeal, especially considering the expectation of a more crypto-friendly SEC chair. Ripple CEO Brad Garlinghouse shared similar views, criticizing the SEC’s approach as repetitive and ineffective.
This appeal’s outcome could reshape cryptocurrency regulation in the U.S. If he SEC loses, it could significantly limit their regulatory authority. For now, this ongoing legal uncertainty continues to influence both investor sentiment and market movements crypto, but on a positive way considering how the XRP price and market in general is performing.
Read also: Analyst Insists Ripple (XRP) Price Is Going to $200: Reveals Upcoming Trigger for Bullish Rally
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