Ripple vs SEC Case As of October 6, 2024: XRP Non-Security Status Is Safe

Vincent Van Code (@vincent_vancode), a software engineer and XRP enthusiast, recently engaged in a conversation on X regarding the Securities and Exchange Commission (SEC)’s ongoing legal battle with Ripple. The SEC recently filed a notice of appeal in the case, raising concerns within the XRP community.

Van Code took to X to express optimism despite the SEC’s actions, stating that the appeal only targeted financial penalties and would not affect XRP’s legal status as a non-security. He highlighted that the ruling from July 2023, which determined that XRP itself was not a security, remained untouched.

In his post, Van Code emphasized that the appeal concerns the monetary judgment handed down in August 2024, not the classification of XRP. He went further, asserting that the recent notice of appeal shouldn’t worry investors. “This is super bullish,” he wrote, indicating that the focus of the appeal would not have a major impact on XRP’s status.

He also referenced Bitwise’s recent application for an XRP ETF as proof that the digital asset’s security status won’t be challenged.

Potential Next Moves for the SEC

Van Code’s position was met with caution from other users. One user responded, reminding the community that the SEC had yet to clarify what specific aspects of the case it would be appealing. “It could be anything from the summary judgment,” the user warned, urging caution despite the upbeat tone taken by Van Code.

In response, Van Code stood firm, declaring that his confidence in XRP and Ripple was unshaken. He shared that his optimism stemmed from a deep understanding of the technology behind XRP and Ripple’s ongoing partnerships, particularly in sectors like banking. “Nothing will shake my position, literally,” he stated, reinforcing his belief in the project.

As of October 4, 2024, the SEC has not yet revealed what aspects of the judgment it is contesting. Legal analysts have weighed in, with many suggesting even before the SEC’s appeal that the regulator would focus on the programmatic sales ruling, and go after XRP’s security status.

While XRP holders like Van Code remain hopeful, experts caution that the legal battle may extend into 2025, potentially delaying developments such as the approval of XRP ETFs. Whatever the SEC decides, Ripple CEO Brad Garlinghouse has reaffirmed his commitment to fighting the lawsuit, giving the community hope that Ripple and XRP will come out on top.

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.

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