Uncertainty over an SEC appeal continues to hurt XRP

An unsettling atmosphere pervaded the SEC courtroom due to XRP’s disadvantages. This is due to the uncertainty surrounding the SEC’s potential appeal of the XRP programmatic sales order. On Monday, XRP decreased by 3.62% as a result. After a previous decline of 1.23%, XRP was valued at $0.5267.

The SEC petitioned the court on January 11 to order Ripple to disclose its financial statements for 2022-23, in addition to post-complaint contracts governing institutional sales of XRP. Ripple opposed the motion to compel on January 19, and Judge Analisa Torres determined whether post-complaint functioning was required.

The concluding phase of the SEC vs. Ripple case has arrived; the SEC now intends to file an appeal against the programmatic sales rule. In December, Judge Rakoff issued a decision permitting the acceptance of Lune and TerraUSD as securities in the SEC vs. Terraform Labs case. It remained unclear whether an appeal could be filed by the SEC.

The SEC could potentially file an appeal of the programmatic sales rule in the SEC vs Ripple case during the middle of the year. Concerning SEC versus Coinbase (COIN), there is a complete lack of transparency.

A hearing was held on January 17, during which the SEC and Coinbase exchanged oral arguments regarding Coinbase’s motion to dismiss (MTD). Legal professionals were of the opinion that Coinbase would emerge victorious. Elliot Z. Stein, a senior litigation analyst at Bloomberg Intelligence, estimated that Coinbase had a 70% chance of prevailing.

While listening to the SEC and Coinbase interpret investment contracts, Stein gained further encouragement. Coinbase was more logical, in his opinion. Possibility of case transfer to the US Supreme Court.

Brad Garlinghouse, the chief executive officer of Ripple, stated that the organization is not in favor of operators regarding the reconsideration of the programmatic sales rule in the Supreme Court.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button