US SEC Has Filed For Notice Of Appeal In Legal Battle Against Ripple

• US SEC has filed a notice of appeal against Judge Analisa Torres’s ruling in the SEC v Ripple case. 
• With this development, the infamous legal battle could drag on until 2027. 
• XRP price is signaling uncertainty after the news of US SEC’s notice of appeal registration.

Recently, the U.S. Securities and Exchange Commission (SEC) has filed the notice of appeal in its long-standing case against Ripple. The news of the appeal appeared amid speculation about the regulatory body’s next action.

In 2020, the SEC filed a lawsuit against Ripple for allegedly conducting an unregistered securities offering by selling XRP tokens. The regulator said that Ripple’s sales violated federal securities laws. 

In July 2023, Judge Analisa Torres ruled that XRP sales to retail investors were not securities transactions. In contrast, sales to institutional investors were. In August 2024, the court fined Ripple Labs $125 Million. 

Now, SEC’s filing is documented to the Second Circuit Court of Appeals. This attempt of US SEC Appeal shows that the legal battle has not yet ended with Ripple. This news has a negative impact on the future of XRP Price. 

SEC’s Filing Has Been Documented

US SEC has officially announced that they have filed the notice of appeal in the legal case against Ripple. The announcement was made two months Judge Analisa Torres gave her final judgement in the SEC v Ripple case. 

The SEC’s filing has been placed in the Second Circuit PACER docketing system. However, there is no confirmation regarding the date for appellate judgement hearing. Also, Ripple executives Brad Garlinghouse and Chris Larsen will appear when the case begins.

An SEC spokesperson said that US SEC believe that the district court decision in the Ripple legal case conflicts with decades of Supreme Court precedent and securities laws. Now, they are looking forward to making their case to the Second Circuit.

SEC vs. Ripple Legal Battle To Continue 

The crypto community is expecting a lot to unfold in the SEC vs Ripple case in the future. With the case docketed, a Ripple’s cross-appeal is possible. Notably, Ripple has a 14-day window to appeal. If Ripple does not, the SEC can submit its brief by December 2, 2024.

Recently, a legal practitioner, Fred Rispoli, estimated that opposition briefs could be due by February 2, 2025. However, if Ripple requests an extension, it could shift to March 2, 2025. The oral arguments can be delayed till around September or October of 2025. There are chances that the Ripple lawsuit could drag on until 2027. 

Impact of SEC’s Appeal on XRP Price 

Recently, XRP Healthcare’s Head of Social Adoption, Edward Farina, shared a post on X saying that the lawsuit was a means for market manipulation. XRP has persisted to thrive despite the legal tension.

Then, Edward Farina added that market makers and insiders were using the case to manipulate the XRP price. He urged investors not to feel discouraged even if the lawsuit drags on until 2027. 

Also, a renowned analyst named EGRAG crypto recently predicted that XRP could hit $5 despite the US SEC’s notice of appeal. Before the SEC’s appeal filing, asset management firm Bitwise applied to list an XRP ETF product. It shows the confidence of Bitwise in XRP.

Many experts are skeptical about the SEC approving an XRP ETF product while the legal battle continues.

Disclaimer

This article is intended for educational purposes only. It does not include financial advice. Cryptocurrency markets are unpredictable due to their risks. It is important to do your own research before investing in crypto assets.