In a world where legal battles between financial regulators and cryptocurrencies shape the future of digital assets, one case remains pivotal: Ripple vs. the Securities and Exchange Commission (SEC). As of October 6, 2024, XRP enthusiasts, like software engineer Vincent Van Code, are closely monitoring the SEC’s ongoing appeal in the landmark case that ruled XRP is not a security.
Van Code, a prominent voice on X (formerly Twitter), shared his insights on the case in a recent post. Despite the SEC’s decision to file an appeal, his optimism is unshaken. He confidently pointed out that the appeal, which focuses on financial penalties, does not contest the July 2023 ruling that confirmed XRP itself is not a security.
The Impact of the Appeal
Van Code explained that the SEC’s notice of appeal pertains specifically to the monetary judgment handed down in August 2024. “The SEC’s appeal only targets financial aspects, not XRP’s legal status,” he wrote, reassuring the XRP community that the appeal doesn’t challenge the fundamental non-security classification of XRP.
This sentiment resonates with many XRP investors who continue to see this as a bullish sign. Van Code believes that recent developments, such as Bitwise’s application for an XRP-based Exchange-Traded Fund (ETF), solidify the asset’s secure future in the market.
Community Caution and Legal Insights
However, not all members of the XRP community share Van Code’s optimism. One X user, in response to his post, pointed out that the SEC has yet to clarify the specific aspects of the case under appeal. This lack of detail has some analysts urging caution.
While some speculate that the SEC may revisit programmatic sales, Van Code remained steadfast in his confidence. His firm belief in Ripple’s strong technology and enduring partnerships within the banking sector gives him assurance. “Nothing will shake my position, literally,” he declared.
The Road Ahead
As of October 4, 2024, the SEC has remained silent on the precise grounds of their appeal. Legal experts suggest that the case may drag on well into 2025, prolonging the uncertainty around Ripple and XRP. This delay could also push back potential milestones such as the approval of XRP ETFs.
Nonetheless, Ripple CEO Brad Garlinghouse has made it clear that Ripple is prepared to continue the legal fight. His resolve provides a beacon of hope for XRP holders, who are eager to see a definitive end to the legal saga.
As the case moves forward, investors are keeping a close eye on every development, knowing that the outcome could have lasting implications for the future of cryptocurrencies and their regulatory standing in the U.S. and beyond.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. The views expressed are solely those of the author and do not necessarily reflect the opinion of Times Tabloid. Readers are encouraged to perform their own research before making any investment decisions. Times Tabloid assumes no responsibility for any financial losses incurred by actions taken based on the information in this article.
