Ripple vs. SEC Lawsuit: Big Breakthroughs This Week?

TL;DR

Ripple’s legal battle with the SEC continues, with key rulings in August and ongoing appeals. Speculation surrounds Ripple’s Swell event in Miami, with possible major announcements that could affect the price of XRP. Recent updates and possible developments

Despite numerous court rulings in recent months, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues.

One of the most important occurred in early August when Judge Torres determined that secondary market sales of XRP to retail investors did not constitute securities transactions. At the same time, however, it ordered Ripple to pay a $125 million fine for breaking certain rules.

The company appeared satisfied with the penalty, which represented just a fraction of the $2 billion the SEC initially sought. For its part, the regulator appealed a 2023 verdict handed down by Judge Torres (then again ruling that secondary sales of XRP did not constitute sales of securities).

Last week, Ripple CLO Stuart Alderoty said the company filed a cross-appeal “to make sure nothing is left on the table, including the argument that there can’t be a “contract of investment” without there being essential rights and obligations in a contract.”

He noted that the agency has already stated that it does not fight the decision that XRP itself is not a security. “They even apologized in another case for suggesting a witness could be security,” the executive added.

More recently, X user Ashely PROSPER gave more details on the details of the appeals process:

“After the appeal is filed, the clerk refers the case to the CAMP office for scheduling of a resolution conference. The conference is held in the CAMP office or by telephone…

Attendance by counsel at the conference is required and counsel must be prepared to discuss the legal, factual and procedural issues in depth. A lawyer or client who fails to participate in the conference process in good faith may be sanctioned by the Court.”

User X also said that the SEC has until October 16 to reveal what it is actually appealing against. Interestingly, the deadline coincides with the same day that Ripple Swell (the company’s annual flagship event) ends.

Various speculations

This year, Ripple Swell will take place in Miami, Florida. The company revealed some of the preparations at X, while CEO Brad Garlinghouse welcomed the XRP army to the eighth annual event.

This led to a wave of speculation that Ripple would announce some big news during the meeting. Some speculations include an official launch of the US-linked company’s stablecoin RLUSD or a new strategy in the battle against the SEC.

These developments could significantly affect the price of XRP, which has recently struggled to catch up with the rest of the major cryptocurrencies. It is currently trading around $0.54 (according to CoinGecko data), which represents a 13% drop on a two-week scale.

XRP Price, Source: CoinGecko

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