The SEC has withdrawn its appeal in the Ripple case, leading to a positive market reaction. However, questions remain regarding the completion of the lawsuit.
SEC's Decision to Withdraw Appeal
Crypto analyst Vincent Van Code highlighted that the SEC's withdrawal of its appeal resolves the primary issue for XRP and the broader cryptocurrency industry. Following the announcement, XRP's price increased, reflecting renewed market confidence.
Community Concerns About Ripple
Despite the positive SEC action, some community members pointed out that Ripple still has its appeal pending, and it’s unclear where this will lead. Vincent Van Code addressed this, stating the remaining legal matters are standard business litigation without posing a fundamental threat to XRP.
Final Court Filings and Ripple’s Penalty
The court's final ruling in August 2024 stipulated a $125 million penalty for Ripple for securities law violations. Vincent Van Code explained the penalty is already in escrow, and the SEC will vote on the matter to formally conclude the case.
In conclusion, while the SEC has dropped its appeal in the Ripple lawsuit, some unresolved issues and community concerns persist.
