XRP is the world’s third largest cryptocurrency by market capitalization, up $3 for the first time in more than a week, due to speculation that the U.S. Securities and Exchange Commission may have a long-standing case against Ripple Labs.
xrp(XRPCoIntelegraph data showed it was up more than 4.5% in 24 hours, with the psychological mark above Thursday being a psychological marker of more than $3.
Investor confidence is received Regulatory clarity and expectations continue to grow Dismissal of the SEC appeal.
recent postal Bill Morgan, an attorney at X, predicts that the SEC may vote to dismiss the appeal by the August 15 deadline.
“Disclaimer of the appeal may occur and may occur before reporting the appeal status in the Court of Appeal before the deadline of August 15,” he said.
Morgan noted that Ripple had agreed to dismiss its appeal and that the parties had previously signed a conditional settlement that would have ended the case. However, the conditions were not met at that time.
Still, both parties can ask the court to extend the date, although Morgan said “it seems unlikely.”
The SEC and Ripple will file a joint report to the U.S. Court of Appeals for the Second Circuit by August 15. This could lead to a dismissal of the appeal and potentially establish a settlement based on court approval and end nearly five years of legal disputes.
If approved, the case will be retried in the District Court for final authorization.
Related: Tokenized stocks rose 220% in July, reminiscent of “early defi boom”
SEC vs. Ripple Labs: The Longest Legal Fight in Encryption History
In progress since December 2020 SEC lawsuit against Ripple Labs Signifies the most eye-catching legal dispute In the history of encryption. Regulators sued Ripple, alleging that the company raised $1.3 billion through unregistered XRP securities sales.
Related: Ethereum’s 10th anniversary cryptocurrency library up to $100B: Financial redefinition
In July 2023, Judge Analisa Torres ruled that XRP was not the security of retail, but retail sales sold to institutional investors and imposed $125 million fine August 2024 on Ripple.
June 12, Ripples and SEC A joint motion was filed to release $125 million held in the escrow account to cover the settlement fees ordered by the court and transfer $50 million to the SEC, with the remaining $75 million back to Ripple, pending court approval.
https://www.youtube.com/watch?v=ry9mi57pbjs
Magazine: XRP Win Leaves Ripple A “Bad Actor” with No Crypto Legal Precedent
