As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous legal battles that have shaped the course of various industries. The Ripple vs SEC case is no exception, and it presents an intriguing turn of events for the crypto community.
The New York court decided on October 31st to push back the date for the U.S. Securities and Exchange Commission (SEC) to submit their appeal briefs in the XRP case, originally handled by Judge Analisa Torres, to January 15th, 2025. Based on court documents shared by defense attorney James Filan via the X platform, if the SEC fails to file the brief by this new deadline, their appeal motion could be dismissed.
On October 24, the U.S. Securities and Exchange Commission (SEC) asked the Court of Appeals for the Second Circuit to push back the due date for their main argument from an earlier date to January 15, 2025.
Due to the recent departure of the SEC’s Enforcement Director, Gurbir Grewal, who was succeeded by Sanjay Wadhwa, the agency has decided to extend the deadline for the brief. This extra time is intended to give the US Securities and Exchange Commission more room to develop a stronger case in the XRP matter.
To put it simply, Judge Torres determined that sales of XRP on centralized exchanges are not considered investment contracts. Nevertheless, the sales of XRP to institutional investors did not pass the Howey test and were found to be in violation of securities laws, hence they were categorized as securities.
In other words, Ripple submitted its argumentative statement for a civil appeal (Form C) on October 25, asking the court to take into account that the Securities and Exchange Commission’s case lacks substance.
Ripple vs SEC Case at a Crucial Moment
The U.S. SEC’s latest stance on the XRP case has been met with skepticism from the international cryptocurrency community. Furthermore, many experts predict that the outcome of Ripple’s ongoing legal battle could significantly shape the future adoption of digital currencies in the United States.
As the 2024 U.S. elections draw near, there’s a growing optimism among the cryptocurrency community, particularly XRP holders, that Republican presidential nominee Donald Trump will emerge victorious.
Additionally, Trump plans to instigate rules beneficial for the advancement and expansion of the Web3 sector within the U.S., potentially by replacing the present Securities and Exchange Commission (SEC) chairman, Gary Gensler.
It’s clear that the ongoing Ripple vs SEC case has significantly dampened the optimism surrounding XRP price movements. This is particularly evident in XRP’s performance during the 2021 cryptocurrency bull run, where it lagged behind due to the lingering doubts about the legal case. With a market capitalization of approximately $51 billion and daily trading volumes around $1.4 billion, XRP has faced intense competition from up-and-coming crypto projects.
As a crypto investor, I’ve seen XRP’s price find a robust base above $0.50 recently, but the ongoing legal issues are casting a long shadow over its bullish momentum. Furthermore, there’s an anticipation building for the altseason, which might start in the near future and could reach its zenith during the first half of 2025, according to past trends.
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2024-11-01 14:42