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- US Judge Analisa Torres rejected the SEC’s appeal against the July ruling in favor of Ripple. The pivotal trial is scheduled for April 23, 2024.
- Following Ripple’s legal victory, the price of XRP rose to around $0.55, after a previous jump to over $0.85.
- Some expect the SEC to drop the case against Ripple, but many believe the agency will continue or seek a delay.
What happened last week?
The legal battle between Ripple and the US Securities and Exchange Commission reached another flashpoint on October 3. At the time, US District Judge Analisa Torres ruled It was rejected The agency wants to appeal the July ruling, which decided that the cryptocurrency company’s XRP sales from years ago did not constitute an offer for investment contracts.
The recent court decision has instilled another dose of enthusiasm that a decisive victory for Ripple is just around the corner. Trial of lengthy litigation between organizations The decision on April 23, 2024, as its results may be of great importance to the entire cryptocurrency sector and the future regulatory environment in the United States.
Aside from that, Ripple’s second straight win against the SEC led to a surge in XRP prices, which jumped to nearly $0.55 (CoinGecko data). It is worth noting that the rise was more significant after the first victory in the summer when the asset was rose By more than 70%, exceeding the $0.85 level.
Can the SEC raise the white flag?
Ripple’s march towards comprehensive victory (in light of the latest court rulings) has given analysts and experts the opportunity to speculate that the US securities regulator may end the battle prematurely for various reasons.
Yassin Mubarak – founder of private equity firm focused on technology startups, Deezer Capital – Believes The Commission could withdraw all charges against the blockchain company and its CEO Brad Garlinghouse because it is not in its interest to hold a trial “where their corruption could be exposed.”
“They will now move to end this case as soon as possible so they can appeal to the Second Circuit and continue to maintain this cloud of uncertainty over the entire industry. Litigation itself, regardless of the outcome, is a weapon,” he said.
However, most X (Twitter) users who commented below the post argued that such a scenario is highly unlikely given the SEC’s decision in previous cases. Some expected that the agency would not withdraw, but would try to delay the result for as long as possible.
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