As the October 7 deadline approaches for the SEC to appeal the July 2023 ruling in the Ripple case, XRP holders are closely monitoring the agency’s next move. The ruling, which determined that secondary sales of XRP are not securities, was a significant legal victory for Ripple. However, some experts caution that a change might come soon.
Judge Torres’ distinction between institutional and programmatic sales of XRP has been met with challenges, notably being rejected by Judge Rakoff in another case. While Ripple continues to view the ruling as a positive step towards legal clarity for the token, SEC veterans like Marc Fagel suggest that XRP holders should maintain a more neutral stance.
Relationship Between Ripple and XRP Holders
A former SEC regional director, Marc Fagel, said in a now-deleted tweet that the court’s ruling implies reasonable XRP investors do not depend on Ripple for their investment decisions. According to Fagel, the outcome of Ripple’s legal battles should not significantly influence the community’s perspective.
He mentioned his surprise about the passion shown by the community, as the court determined that the average token holder does not rely on Ripple for XRP’s growth. By this logic, he stated that token holders should be completely agnostic on what happens to Ripple.
Notably, Crypto Eri, another prominent voice in the community, has told the community to not depend on Ripple for XRP’s success.
This viewpoint is significant for the XRP community, as the price of the digital asset and market sentiment are often influenced by the protracted lawsuit. Despite ongoing regulatory uncertainties, many believe XRP’s true value lies in its practical applications and adoption by businesses. These factors may remain stable regardless of Ripple’s legal issues.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Will the SEC Appeal the Ruling?
As the SEC’s deadline approaches, the crypto industry remains divided on whether the agency will appeal the ruling. Some experts anticipate that the SEC will seek further clarification on the inconsistencies in the court’s approach. Others, like former SEC Division Chief Lisa Littman, believe the agency may choose not to appeal, preventing a rise in the case’s importance.
However, many legal experts, including Fagel, believe the SEC will file a last-minute appeal. The regulator has not made any public statements or actions, but these experts are confident. A prominent crypto analyst has also predicted that this last-minute appeal could trigger a 21% decline for the digital asset.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
