Ripple vs. SEC: Will the Legal Drama Continue?
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Ripple's Partial Win and Potential Appeal
Ripple and the XRP community are celebrating a partial victory in their ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). However, the situation remains uncertain as the SEC's deadline to appeal approaches. Attorney Jeremy Hogan speculates that the SEC may still be deciding whether to file an appeal, noting that submitting a Notice of Appeal is a simple process that takes about 15 minutes. Once the notice is filed, the SEC would have 70 days to submit a full brief, which could reignite tensions in the case.
Ripple and SEC Request Stay on Payment Ripple and the SEC have jointly requested a stay on the $125 million monetary judgment that Ripple was ordered to pay. This request comes just before the September 6 deadline, hinting that Ripple may be reconsidering its legal strategy. If granted, the stay would delay the payment, allowing both parties to prepare for a possible appeal.
Cross-Appeal Options and XRP Price Impact
Former SEC lawyers believe the SEC will likely file an appeal by the early October deadline. Ripple would need to file a cross-appeal if it wishes to challenge other aspects of the ruling. If Ripple chooses not to appeal further, the $125 million penalty will remain uncontested. Meanwhile, XRP's price saw a 2% rise following news of the stay request but faces critical resistance at $0.565. Traders are closely watching for potential price movements depending on legal developments.
What’s Next?
The next few weeks are crucial as the legal battle between Ripple and the SEC unfolds. Both sides appear to be preparing for a longer legal fight, and the outcome could significantly affect XRP's price and the broader cryptocurrency market.