1. The Infamous XRP Lawsuit
2. Will the SEC Appeal?
3. Community Reaction

The deadline for the U.S. Securities and Exchange Commission (SEC) to appeal the final ruling from August 7 of the XRP lawsuit is nearing an end. The regulator has until October 7, 2024, to file an appeal.

The Infamous XRP Lawsuit

The legal battle between the SEC and Ripple began in December 2020, when the SEC accused Ripple of raising over $1.3 billion through sales of unregistered securities. The SEC argued that XRP was an unregistered security, which Ripple firmly denied. XRP received clarity in July 2023, when the court ruled that XRP itself was not a security and non-institutional sales were not securities offerings. However, the court determined institutional sales to be securities offerings, ruling in August that Ripple must pay $125 million and not violate securities laws going forward.

Will the SEC Appeal?

The question of whether the SEC will appeal the ruling remains open. Jeremy Hogan, a notable attorney, recently stated that the SEC has little to lose by filing an appeal, which only takes about 15 minutes to submit, followed by 70 days to prepare a brief. This would have allowed the SEC to maintain pressure on Ripple while preparing its arguments, leading some to speculate that the absence of an appeal thus far suggests the SEC may not intend to proceed.

Community Reaction

Community opinions are divided. Some users on X believe the SEC’s delay indicates a declining likelihood of an appeal, while others argue that the SEC’s strategy might involve a last-minute filing to prolong regulatory uncertainty and hinder XRP’s progress. One user stated that the SEC would wait until the final 10 seconds before filing its appeal, accusing the regulator of slowing innovation and giving its banker friends more time. However, some are hopeful, believing that the end of the appeal timeline will finally free XRP, allowing us to see its true price.

Thus, the fate of the SEC's appeal in the XRP case remains uncertain. The community eagerly awaits the October date to close this chapter and look forward to the future of XRP.