Ripple vs. SEC: SEC Seeks Delay in Lawsuit
In the ongoing legal battle between Ripple and the SEC, the SEC has requested a delay in the lawsuit to conserve resources. Ripple argues that the legal facts surrounding its cryptocurrency, XRP, are undisputed, while the SEC claims there are legal concerns. The outcome of the case is uncertain, which has led to unpredictability in the price of XRP. However, positive filings from both Ripple and the SEC could trigger technical signs for XRP.
Former SEC Official Questions Likelihood of SEC’s Appeal
According to a former SEC official, the chances of the SEC’s interlocutory appeal being granted seem unlikely. The official acknowledges the difficulty of meeting the criteria for an appeal and believes the court is unlikely to grant it unless certain factors, such as conflicting rulings and novel legal territories, are considered.
Factors Impacting SEC’s Appeal Request
The SEC’s request for an appeal in the Ripple case is met with uncertainty. While the SEC argues that complex legal issues have arisen, it contradicts the court’s determination that XRP is not a security. This dispute is also seen in a separate case, SEC v. Terra. The ongoing legal battle highlights the disagreement between Ripple and the SEC regarding the classification and sales of XRP.
XRP’s Price Drops
Meanwhile, XRP’s price has dropped significantly, trading at $0.4854. It has experienced a decline of 2.96% in a day, 3.98% in a week, and 22.96% over the past month.
Hot Take: Uncertain Future for Ripple and SEC
The SEC’s request for a delay in the Ripple lawsuit and its appeal for interlocutory appeal have created uncertainty for both Ripple and the SEC. The outcome of the case will have a significant impact on the classification and sales of XRP. As the legal battle continues, there is growing criticism of the SEC’s actions and calls for clear regulations in the crypto industry.
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