The United States Securities and Exchange Commission (SEC) proceeds with its case against Ripple Labs over the classification of XRP, despite the company's requests to postpone the appeal deadline.
SEC Position and Ripple’s Reaction
Ripple's Chief Legal Officer Stuart Alderoty disclosed that the SEC refused the company's request to delay the appeal deadline to January 15. He expressed disappointment through a post on the X platform, highlighting the waste of time and taxpayers' money. Alderoty emphasized the company's confidence in its stance and hopes for constructive dialogue with the new SEC administration.
Appeal Deadlines and Their Significance
Legal experts were unsurprised by the SEC's adherence to the appeal deadline, considering it a compulsory procedure. While the current SEC Chair, Gary Gensler, files the appeal, hoping to challenge the court's decision against classifying XRP's programmatic sales as securities, many anticipate that the newly appointed SEC Chair, Paul Atkins, might resolve the case.
XRP Growth Amid Developments
Despite the ongoing lawsuit, XRP surged almost 10% over the past 24 hours to $2.686. This growth was part of a broader market recovery driven by easing trade tariffs, reducing inflation fears, and boosting interest in riskier assets like cryptocurrencies.
The ongoing litigation with the SEC presents long-term implications for Ripple and the cryptocurrency market. Stakeholders are keenly observing the actions of the new SEC Chair and potential regulatory changes.
