- A crypto analyst suggested that the SEC’s appeal could impact the price of XRP.
- The SEC’s argument about Judge Torres’ decision is “laughable,” said James Filan, a defense lawyer.
- Ripple is allegedly deliberately attempting to extend the legal case to maintain the sale of XRP.
The legal case between the U.S. Securities and Exchange Commission (SEC) and Ripple started in December 2020, when the SEC alleged that Ripple sold XRP in an unregistered security offering to investors. Since then, there have been many rulings, appeals, and opinions on the case, as many believe if Ripple wins, it could advance the crypto industry.
Here are the latest highlights and developments from the case and what has happened in the previous week:
Crypto analyst Jungle Inc. 2.0 shared on X that the SEC’s appeal in their case against Ripple could impact the price of the token. In a tweet shared on September 11, the analyst stated that XRP’s price could drop by 30-40% in a bearish scenario.
If events changed, according to the analyst’s bullish scenario, XRP could continue to trade above $0.40.
On September 8, the SEC filed a response brief to support its motion to certify an interlocutory appeal, which represents a memorandum to seek an appellate review.
This filing came after the SEC shared its plan to appeal Judge Analisa Torres’ decision that caused “knotty legal problems,” as mentioned in the filing. Judge Torres ruled that XRP direct sales to institutional buyers were considered a security offering, but programmatic sales and other distributions weren’t.
Prominent defense lawyer James Filan took to X and shared, “The SEC’s argument that Judge Torres should stay the proceedings because the SEC is all of a sudden concerned about conserving judicial resources is laughable.”
In the filing, the SEC alleged that Ripple lacked institutional interest in resolving the lawsuit and was deliberately attempting to extend the legal case to maintain the sale of XRP in the public space.
On September 3, crypto lawyer John Deaton accused the SEC of stunting XRP’s growth and adoption in the U.S. Deaton showed a “small yet significant” example of how the lawsuit hurt XRP’s adoption.
Deaton shared that even though crypto payments have seen an increase in adoption, XRP isn’t accepted in the U.S. BitPay, a crypto payment platform used by Amazon, initially processed XRP payments in the U.S., but the platform stopped because of the SEC’s lawsuit against Ripple.
Furthermore, Deaton added that XRP used to be one of the first cryptos on the platform. He added that XRP was made for payments, but because of the SEC, the payment token isn’t allowed.