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Cryptocurrency News Articles
SEC Will ‘Probably’ Appeal Judge Torres’s July 2023 Ruling Concerning the $XRP Programmatic Sales in the @Ripple Case
Sep 27, 2024 at 06:02 pm
A former @SECGov lawyer who recently left the agency tells me the SEC will 'probably' appeal Judge Torres's July 2023 ruling concerning the $XRP programmatic sales in the @Ripple case partly because: "everyone over there [at the SEC] truly believes that the decision is
The SEC may appeal Judge Torres’ July 2023 ruling, which stated XRP sales are not a security transaction, according to a former SEC attorney who recently left the agency.
This sentiment aligns with a broader belief within the SEC that the decision is flawed and could have serious implications on the cryptocurrency market.
As the appeal deadline approaches (October 7), there is increasing speculation on the SEC’s next move. Some critics argue that the SEC is more concerned with controlling cryptocurrency innovation in the U.S. than protecting investors and fostering development in the field.
The implications of the appeal will be substantial for XRP and the entire crypto industry. While Ripple initially hailed the ruling as a victory, leading to a surge in XRP price, an appeal could instill uncertainty and fear among investors.
At press time, XRP is trading at $0.5907, showing a 0.5% increase in the last 24 hours, as per CoinGecko. So far, there seems to be no significant effect on XRP pricing, but if the SEC does file an appeal, we might see a dip in these numbers.
The legal landscape remains murky, with different courts reaching varying conclusions on similar issues (e.g., Gensler stating Bitcoin is a commodity).
Previously, Judge Torres denied the SEC’s earlier requests for interlocutory appeal (appeal of non-final order) and stated that her decisions were based on thorough studies and examinations of Ripple’s transactions.
The lack of clear regulatory guidelines in the rapidly evolving crypto industry has left investors and the crypto community frustrated and seeking clarity.
As October 7 nears, all eyes will be on the SEC to see if it will proceed with an appeal and how the appeal might impact the future of XRP and crypto regulation in the United States.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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