The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is far from over, as new reports suggest that the regulator may appeal the court’s decision. This potential appeal could prolong the already lengthy and complex lawsuit, creating more uncertainty for Ripple and its regulatory clarity.
In a recent post on X (formerly Twitter), Fox Business journalist Eleanor Terrett revealed that the SEC is considering appealing the July 2023 ruling by Judge Analisa Torres regarding Ripple’s programmatic sales of XRP. This news has surprised many in the crypto community who believed that the legal battle would finally come to an end after more than three years.
The possibility of an appeal has been further supported by a former SEC lawyer who reportedly stated that the regulator believes the court’s decision is wrong and should be challenged. This comes after Judge Torres ruled in July 2023 that XRP is not a security, providing a partial win for Ripple. In August 2024, the judge imposed a $125 million penalty on Ripple and prohibited the company from violating future securities laws.
Despite the positive outcome for Ripple in the previous rulings, the potential appeal by the SEC has raised concerns among investors and the crypto community. The deadline for the SEC to file an appeal is October 7, and if the regulator decides to move forward with the challenge, Ripple could face more legal hurdles in the future.
Crypto analyst ‘JackTheRippler’ has declared October to be a crucial month for Ripple and XRP holders, predicting that the digital asset could reach new all-time highs driven by mass adoption in the US. As of now, XRP is trading at $0.6, showing a 1.94% increase in the last 24 hours according to CoinMarketCap.
Overall, the uncertainty surrounding the potential appeal by the SEC has added a new layer of complexity to the ongoing legal battle between Ripple and the regulator, leaving investors and stakeholders eagerly awaiting the outcome.
