The Securities and Exchange Commission (SEC) has made a new move that could impact the trajectory of cryptocurrency company, Ripple. According to new updates, the regulatory agency has moved its legal tussle against the company to an appellate section. All indications point that the agency has escalated the legal battle, removing it from the previous litigation website that it occupied.
The move may mean that the legal battle has entered a new phase, meaning that Ripple’s future may well be shaky. The move is coming after former Ripple director Sean McBride mentioned that the case may be solved within the next few weeks. However, moving the case for the website may either mean it is the end or not, as no one can tell now.
The SEC vs. Ripple battle might just be starting
The case between sec and the crypto firm has dominated the legal landscape over the last few years. Since the first filing four years ago, there has been a difference in opinions, with most people backing Ripple in the fight. While rumors of settlements have made their way into the industry, it looks like the case may still be far from being over. The XRP community hung their hopes on Trump’s election, highlighting how it could help them get the case dismissed.
While the thoughts of the SEC potentially dropping the case drove the price of the token high, the recent appeal by the agency looks like they may still be spoiling for a fight. While Ripple has made headlines in the industry since the start of the year, the pulling of the case may well signal that the case has been withdrawn. If the SEC indeed withdrew the case, then it would signal a landmark achievement for the crypto industry under the Trump administration.
XRP community reacts to the new development
The development has caused quite a stir on X, with users sharing their reactions. An attorney has also clarified that the move does not mean that the case has been dismissed as it is still in the open court. He mentioned that the last entry was Ripple asking for time to file its brief, noting that the status of the case is still active. This means that the website is not an ideal place to get the status of the lawsuit.
Meanwhile, the widely believed thought is that the acting chairman of the agency cannot drop the case, as it would be counterproductive. A case widely popular in the crypto industry has to be decided by the new boss Paul Atkins, when he assumes office. While the market has seen quite the dip, XRP whales are still working overtime, dragging in millions of tokens. A recent update by a former executive also bolstered the token, pushing it to a surge of 13%.