- The SEC has requested court approval for an appeal in the Ripple case, potentially pausing proceedings.
- The SEC challenges the court’s perspective that XRP retail sales aren’t investment contracts.
- Marc Fagel, ex-SEC official, believes the appeal might face tough approval criteria.
The Securities and Exchange Commission (SEC) recently made a bold move. They’ve asked the court to approve an appeal in the Ripple (XRP) case. This could halt proceedings until a final verdict emerges. The SEC’s argument hinges on a pivotal point. They believe the court’s view on XRP retail sales is far-reaching. This view suggests these sales aren’t investment contracts.
Previously, Gary Gensler, the SEC head, held a firm stance. He believed the digital assets realm needed no new rules. He felt the current guidelines were apt. Yet, this appeal challenges that belief.
The XRP community is buzzing with opinions. One supporter reached out on social media. They subtly probed Marc Fagel, a former SEC official. They wanted insights on the appeal’s potential approval. This supporter stressed the case’s industry impact. They mentioned unique legal angles and differing verdicts as crucial elements.
Fagel’s response was measured. He recognized the case’s significance and the unique legal points. Yet, he also shed light on the tough criteria for such appeals. Fagel feels the court might only approve if it sees the issues as pressing.
Another XRP fan added their voice to the debate. They hinted at the legal issues needing to be more familiar. They felt the SEC might have a lower hand than they claim. Fagel responded with a reminder. He pointed to the SEC’s past wins in crypto cases. He emphasized that more than one mixed ruling is needed to spell a trend. To see it as a sign of the SEC’s decline would be an exaggeration.
Meanwhile, Ripple’s trading sentiment seems bearish. The XRP token’s value dipped by 0.59%. It’s now trading at $0.5. The day saw a high of $0.5045 and a low of $0.4981.
The Ripple case continues to captivate many. The SEC’s appeal request adds another layer to this intricate saga. The outcome remains uncertain, but the stakes are undeniably high.
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