Ripple’s Strategic Move: Not to Cross-Appeal as SEC Case Nears Resolution
An Intriguing Decision
Ripple, the blockchain-based digital payment network and protocol, has made a strategic decision not to file a cross-appeal in its ongoing case with the U.S. Securities and Exchange Commission (SEC). This move comes as the case nears resolution, with the SEC withdrawing its appeal.
The Case So Far
The case dates back to December 2020, when the SEC accused Ripple of conducting an unregistered securities offering. Ripple has maintained that XRP, its native cryptocurrency, is not a security. The case has been in motion for over four years, with both parties filing appeals and counter-appeals.
Ripple’s Decision Not to Cross-Appeal
Despite the SEC’s withdrawal, Ripple has not determined whether it will continue with its cross-appeal. The company’s chief legal officer, Stuart Alderoty, announced this decision in a tweet on Wednesday. He stated that Ripple would not be filing a cross-appeal, as it “does not believe such a process is necessary or productive at this time.”
The Impact of Ripple’s Decision
Ripple’s decision not to file a cross-appeal has significant implications for the case and the cryptocurrency industry as a whole.
The SEC’s Withdrawal
The SEC’s decision to withdraw its appeal has been hailed as a major victory for Ripple. The move indicates that the SEC may be backing down from its hardline stance on cryptocurrency regulation. This could pave the way for more favorable regulatory conditions for the crypto industry in the U.S.
The Future of XRP
Ripple’s decision not to file a cross-appeal has also had a positive impact on the price of XRP. The cryptocurrency surged 10% following the announcement, with investors viewing the move as a sign that the case is nearing resolution.
The Road Ahead
While Ripple’s decision not to file a cross-appeal is a significant development, the case is not yet over. The company has stated that it will continue to pursue its appeal if no settlement is reached. The case is set to see a major breakthrough before April 16, 2025, as Ripple prepares to submit its final arguments.
The Importance of Regulatory Clarity
The Ripple case highlights the need for regulatory clarity in the cryptocurrency industry. As the case nears resolution, it is hoped that it will provide much-needed guidance on the legal status of cryptocurrencies. This will not only benefit Ripple but also the broader crypto industry.
Conclusion: A Turning Point for Crypto Regulation?
Ripple’s decision not to file a cross-appeal could mark a turning point in the case and in crypto regulation in the U.S. The SEC’s withdrawal and Ripple’s strategic move not to file a cross-appeal could signal a shift towards more favorable regulatory conditions for the crypto industry. As the case nears resolution, the crypto world watches with bated breath.
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