The XRP lawsuit has taken a new turn recently, which has sparked discussions in the broader crypto community. In a recent X post, renowned lawyer James K. Filan confirmed that the US SEC has officially filed its appeal against Ripple with the Court of Appeals for the Second Circuit. The official appeal also targets Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, fueling debates among XRP enthusiasts over the agency’s potential motives.
US SEC Targets Ripple Execs In Official XRP Lawsuit Appeal
The US SEC has included Ripple executives Brad Garlinghouse and Chris Larsen in the latest official appeal in the XRP lawsuit, raising eyebrows in the crypto market. This development comes after the original trial, where the agency failed to prove its claims against the two executives. Besides, it also comes just after US SEC has filed a notice of appeal recently.
According to legal experts, the latest inclusion indicates that the agency is attempting to revisit certain aspects of the case. Precisely, it targets the executives over the dismissal of the claims against them, the legal expert believes.
Meanwhile, in a recent X post, ex-SEC lawyer Marc Fagel suggested that the dismissal of the charges against Brad Garlinghouse and Chris Larsen could be a part of the appeal. This view echoes pro-XRP lawyer Bill Morgan’s views, who asserts that the agency consented to the dismissal of individual claims against the Ripple execs.
However, the fact that they have been included again in the appeal leaves room for speculation about the SEC’s strategy. Meanwhile, one user expressed frustration over the SEC’s tactics, noting that Garlinghouse is no longer directly involved in the XRP lawsuit.
“It’s typical SEC behavior,” the user commented, implying that the regulatory body is attempting to “splurge” its claims and shift the narrative. Despite these frustrations, it seems that the XRP holders may need to brace themselves for a prolonged legal journey as the case unfolds in the appeal court.
XRP Price Soars Despite US SEC Appeal
XRP price jumped nearly 2% and traded at $0.5337 today and its trading volume declined over 32% to $1.20 billion. Notably, the crypto has touched a high of $0.5384 and a low of $0.5172 in the last 24 hours, despite the appeal filing by the US SEC in the XRP lawsuit.
Meanwhile, amid the latest appeal filing, discussions over Ripple’s On-Demand Liquidity (ODL) system have also resurfaced in light of this legal battle. Some have questioned whether ODL sales, where XRP is sold to institutional clients, play a role in the allegations against Garlinghouse and Larsen.
Bill Morgan clarified that while ODL sales are part of Ripple’s institutional operations, they were not part of the accusations directed at the executives. Morgan also responded to claims from the user who alleged that ODL was at the center of the case, dismissing the suggestion that it had any relevance to Garlinghouse’s and Larsen’s programmatic sales.
Meanwhile, in a recent X post, Ripple CLO Stuart Alderoty hinted towards a cross-appeal in the case. Besides, the agency has also faced heavy backlash from the crypto community over its appeal move, which the market was highly anticipating.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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