- The SEC has filed for a new appeal in its legal battle against Ripple as per reports.
- The US regulator is expecting an administration change in the coming days.
The crypto community is leaning increasingly towards bullish signals as activity increases and prices rise from the slump. This positive weather ahead of Donald Trump’s inauguration might result in further upward movements in cryptocurrency prices. Bitcoin has surged to the $99K level after much ado in the past weeks.
Meanwhile, the regulatory sector has been spurring new activity, as the SEC makes its latest move in the SEC vs. Ripple legal battle. The US regulator has appealed to an Appellate Court regarding a district court’s ruling on XRP being classified as a security.
According to the official announcement, the SEC has stated that XRP when sold to public investors cannot be seen as a security. This was because investors didn’t know that it was Ripple Labs that sold the digital asset.
Secondly, the regulator has also argued that XRP didn’t pass the Howey test and challenged the earlier Securities ruling by a district court. These implications continue to demonstrate the SEC’s rigorous attempts to win the case while Ripple’s strong defense.
What Awaits Ripple as SEC Administration Change Approaches?
Recently, Ripple’s Chief Legal Officer Stuart Alderoty responded to this latest move that the SEC might abandon the lawsuit after the administration change. He said that they were just making noise. With the approaching Gary Gensler’s resignation this seems like quite the possibility.
As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and… https://t.co/3ZxO64Fs8C
— Stuart Alderoty (@s_alderoty) January 16, 2025
The SEC’s grit to overpower Ripple Labs is evident from this latest action of new appeal just days before the aforementioned administration change. However, with the new leadership, an altered approach towards cryptocurrency and evidently, Ripple is also expected. The Ripple executives recently met with Donald Trump days before the SEC hearing.
Meanwhile, the XRP price has shown considerable upward movements over the past few weeks. In the past day alone, the altcoin showed a 14% surge according to CMC data, thus drawing market attention.
Highlighted Crypto News Today:
US Senate Banking Committee Chair Backs Crypto Regulation as Priority
