The United States District Judge, Analisa Torres, has been briefed on the ongoing case between the Securities and Exchange Commission (SEC) and Ripple. With the community eagerly awaiting a ruling or a trial, cryptocurrency traders have started to place their bets on the outcome.
Similar: Ripple Vs SEC Update: Will Ripple’s Argument Be Dismissed In Court?! Deaton Weighs In – Coinpedia Fintech News
As a result, XRP’s price has risen by over 34% in the past month, currently trading at around $0.50 on Thursday. However, the digital asset has struggled to push beyond $0.58 due to the uncertainty surrounding the case.
The Ripple Factor
Ripple has indicated plans to appeal the case should the SEC win, potentially prolonging the lawsuit by another three years or more. Consequently, some crypto traders remain cautious about the implications of a Ripple loss against the SEC.
Insights from Prominent Lawyer Jeremy Hogan
According to United States lawyer Jeremy Hogan, the SEC is unlikely to appeal the case as they have nothing to gain from doing so. However, Hogan suggests that a settlement between Ripple and the SEC would not benefit the crypto industry at large. Additionally, 14 amicus briefs, including one from Coinbase Global, illustrate the significance of the case for the future growth prospects of the crypto industry.
Also Read: Coinbase CLO Criticises SEC’s Proposed Crypto Asset Securities Rule – Coinpedia Fintech News
Potential Outcomes
Hogan stated that if the Judge rules in Ripple’s favour, the SEC is unlikely to appeal as it would create a binding precedent if the case went to the Appellate Court. If Ripple loses, Hogan believes that the Judge could take a few months to decide the fine for selling unregistered securities. In that case, Ripple would have to register XRP sales from the escrow account with the SEC as securities, which could be problematic for the company.
As the SEC vs Ripple case continues, the crypto community is watching with bated breath to see what the future holds for Ripple and the wider crypto industry.
What do you think the outcome will be, and what impact will it have?
Source: https://coinpedia.org/ripple/will-the-sec-appeal-if-ripple-wins-in-court-us-lawyer-j-hogan-weighs-in/