Ripple XRP update: SEC to appeal XRP ruling, non-security status of altcoin likely at risk
- Judge Analisa Torres revealed that the court seeks to schedule a jury trial for the SEC vs. Ripple case in Q2 2024.
- SEC and Ripple can submit blackout dates for trial until August 23.
- Experts believe so long as the SEC does not file an interlocutory appeal, XRP is not a security till 2025 at least.
US SEC is intent on appealing the XRP lawsuit outcome. In the latest development in the SEC vs. Ripple lawsuit, Judge Torres announced pretrial schedule. XRP holder community speculates the loss of XRP's non-security status.
Also read: Ripple XRP price rally to $21 target likely, experts support Judge Torres' ruling
SEC vs. Ripple lawsuit update
The SEC vs. Ripple lawsuit has new updates from Judge Analisa Torres. The ruling judge in the lawsuit says that the court will seek to schedule a jury trial for the case in Q2 2024.
NEW: Judge Torres says the Court will seek to schedule a jury trial for the @SECGov/@Ripple case in the second calendar quarter of 2024.
— Eleanor Terrett (@EleanorTerrett) August 9, 2023
Torres has ordered both parties to submit blackout dates for trial by Wednesday, August 23rd. See the full deadline schedule below. pic.twitter.com/3GrE4FDPEu
The Judge has ordered both parties to submit blackout dates for trial by Wednesday, August 23. Attorney Fred Rispoli, a crypto expert and pro-XRP lawyer, informed the XRP community that Judge Torres’ pre-trial scheduling is huge in the appeals context.
Attorney Rispoli believes an interlocutory appeal by the US SEC could act as a game changer for the lawsuit. Irrespective of the outcome, attorney Rispoli believes XRP’s status as a non-security is safe, at least until 2025.
This is huge in the appeal context. So long as SEC does not attempt an interlocutory appeal (or does and is denied), #XRP not a security holding is set in stone through late 2025 at the earliest!#XRPCommunity #XRPHolders
— Fred Rispoli (@freddyriz) August 9, 2023
Pro-XRP attorney John Deaton informed the community that the last narrow set of facts being disputed in the SEC vs. Ripple lawsuit is whether Ripple Labs, Brad Garlinghouse and Chris Larsen, “aided & abetted” Ripple in sales of unregistered securities. There is a high evidentiary threshold for the SEC to meet to prove this to a jury.
According to Deaton, the SEC must prove that the two executives acted in reckless disregard for laws that any reasonable person would have understood at the time.
XRP price is $0.6332, on Binance, at the time of writing.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
