The U.S. Securities and Exchange Commission (SEC) decided to drop charges against Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen in the lawsuit. However, the SEC is likely to appeal against Judge Torres’ decision in favor of Ripple Labs. David Schwartz, CTO at Ripple, also believes that the SEC will appeal soon file for an appeal.
Will SEC Appeal Against Ripple Labs Immediately?
Crypto trader Ran Neuner in a post on X said the SEC backing out of the lawsuit means it can file an appeal in the case sooner. He asserts the SEC can file an appeal immediately rather than waiting for the lawsuit to end.
“All it means is that now the SEC can appeal the case sooner. Previously they had to wait until then end of the case but now that they dropped the case – THEY CAN APPEAL IMMEDIATELY.”
Commenting on an XRP community member’s question on the post, Ripple’s CTO David Schwartz said the SEC can appeal on the same grounds on which they argued for filing an interlocutory appeal. However, Judge Torres denied the SEC’s motion to file an interlocutory appeal.
Fox Business journalist Eleanor Terrett cleared that the SEC can’t appeal immediately and they need to wait until final judgment in the lawsuit. It means the SEC will not get an appeal until next year.
XRP Price Jumps 7%
The crypto market recovered following multiple news including FED Chair Jerome Powell hinting at no rate hikes, drop of charges against Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen, and high odds of Bitcoin ETF approval.
XRP price jumped 7% in the past 24 hours, with the price currently trading at $0.51. The 24-hour low and high are $0.483 and $0.529, respectively. Furthermore, the trading volume has increased by 120%, indicating a rise in interest among traders.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.