Hold on to your hats, folks—it's another chapter in the never-ending saga of Ripple vs. the SEC! Our favorite San Francisco fintech, Ripple, isn't backing down without a fight against the United States securities regulators. They're gearing up for another round after the SEC decided to appeal an earlier court decision. That's right, the SEC wants to revisit Judge Torres's 2023 verdict that declared Ripple's XRP token isn't a security in secondary sales. The judge didn't see XRP fitting the SEC's Howey test for investment contracts, and now the SEC wants to give it another shot.
Our man on the ground, defense lawyer James Filan, shared the appeal news on X, and it's sending ripples (pun intended) through the crypto community. Ripple's chief legal eagle, Stuart Alderoty, wasn't too shocked by the SEC's move. He called it a “disappointing, but not surprising” twist in what he describes as an embarrassing saga for the SEC. Alderoty is standing firm, saying the court already dismissed any reckless behavior or fraud by Ripple, and there were no victims in sight.
Ripple’s head honcho, Brad Garlinghouse, took to X to express his frustration. He feels the SEC should've dropped this case ages ago, seeing it as a waste that only harms their credibility. But Ripple is ready to rumble as long as it takes to defend XRP's status as a non-security. Garlinghouse is determined, insisting that the latest appeal can't change what's already the “law of the land.”
Even Massachusetts Senate hopeful John Deaton chimed in on X, expressing his frustration over the SEC's antics. Deaton, who's invested time and money fighting the SEC's overreach, didn't hold back. He criticized the SEC for wasting taxpayer money on what he sees as an anti-crypto crusade.
The news has sent shockwaves through the XRP community, causing a sell-off that led to a 12% drop in XRP's value. From trading above $0.60 on October 2, it tumbled to just under $0.53 in early Asian trading, hitting a three-week low. And despite the hustle and bustle around recent ETF applications, XRP is still down a whopping 84% from its January 2018 peak.
So, buckle up, crypto fans—this rollercoaster ride is far from over!
