As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to navigate the volatile and ever-evolving landscape of digital currencies with a keen eye and a steady hand. The recent turn of events between Ripple and the SEC has piqued my interest, as it could potentially impact the XRP market significantly.
In response to Judge Torres’ decision in July 2023 that deemed Ripple‘s XRP token as not being classified as a security for programmatic sales, the U.S. Securities and Exchange Commission (SEC) has chosen to file an appeal.
The case has been moved to the U.S. Court of Appeals, sparking renewed discussions about the potential for a settlement between Ripple and the SEC within the next fortnight (14 days).
An XRP enthusiast shared on social media platform X that the SEC might be pushing for a higher penalty than the original $125 million. However, former SEC lawyer Marc Fagel dismissed this notion, stating that the appeal isn’t about the penalty.
He emphasized that there’s no realistic basis for a settlement, pointing out that the SEC had pursued an interlocutory appeal a year ago regarding programmatic sales, showing their consistency on the issue.
Lawyer Bill Morgan clarified that the Securities and Exchange Commission (SEC) has only lodged a preliminary appeal, not a final one as of now. This situation could open up possibilities for talks or negotiations between the SEC and Ripple. However, Morgan pointed out that despite the possibility of reaching an agreement within the given 14-day timeframe, the significant differences in perspective between the two parties make it seemingly improbable.
It’s been discussed that Ripple might submit a counter-appeal, potentially contesting the court decision regarding institutional sales. Both sides have substantial matters in dispute, and it’s unclear if they can agree on a resolution.
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2024-10-07 11:00