- The SEC and Ripple agreed to file a deferred appendix 21 days after the appellee’s brief is served.
- XRP surged over 12%, trading at $2.85, nearing the $3 mark amid ongoing SEC legal proceedings.
- Crypto leaders will meet on January 17 to discuss digital currency regulation with David Sacks ahead of leadership changes at the SEC.
The ongoing legal proceedings between the SEC and Ripple have taken a procedural turn. Both parties have agreed to submit a deferred appendix for their cross-appeals. According to the stipulation, the appendix will be filed 21 days after the appellee’s brief is served.
Meanwhile, the SEC is expected to file its opening brief by January 16. This development highlights the intricate legal maneuvers as the case progresses. The XRP community, however, is speculating on potential outcomes.
Apparently, a particular point of discussion revolves around whether a new SEC chair, Paul Atkins, might retract the appeal. Legal analysts remain divided on this possibility.
Experts Debate Dismissal or Settlement
Bill Morgan, a seasoned legal expert, has expressed skepticism about a possible vote by the SEC’s commissioners to dismiss the appeal. He has consistently maintained that the SEC would likely proceed with the opening brief. In his analysis, the case remains arguable, and the SEC holds a reasonable position for negotiation.
Similarly, former SEC attorney Marc Fagel also weighed in, explaining that any dismissal by a newly-formed SEC would require a vote. While possible, such a move would be highly unusual.
Also, Morgan responded by emphasizing that he does not expect the SEC to dismiss the appeal outright. Instead, he suggested that the agency might pursue a settlement to secure a more favorable deal.
Ripple’s XRP Gains Momentum in the Market
However, while the legal battle continues, Ripple’s XRP has shown notable market activity. The cryptocurrency’s value has risen over 12 percent, reaching $2.85 and nearing the crucial $3 benchmark. This surge reflects growing optimism among investors, despite the uncertainty surrounding the case.
Notably, market analysts are closely monitoring these price movements. They suggest that the appeal’s outcome and broader regulatory signals could significantly influence XRP’s trajectory. Ripple’s recent gains come as the crypto market prepares for key events in the coming days.
Upcoming Events and Potential Impact
On January 17, crypto leaders will convene to discuss the future of digital currencies with David Sacks, the crypto czar. This gathering occurs just days before President-elect Donald Trump’s inauguration and Gary Gensler’s resignation as SEC chair. These transitions could signal shifts in regulatory priorities and enforcement strategies.
Hence, the SEC’s approach under new leadership remains uncertain. Some experts believe the agency could adopt a more lenient stance, focusing on settlements rather than aggressive enforcement. However, any significant policy changes would likely take time to materialize.
