Welcome to Extreme Investor Network, where we bring you the latest news and insights on the Stock Market, trading, Wall Street, and more. Today, we dive into the recent developments in the SEC vs Ripple case that has sent XRP to $0.50.
The Securities and Exchange Commission recently filed a Notice of Appeal in the SEC v Ripple case, indicating its intention to appeal rulings in the case. While the specifics of the appeal were not disclosed in the filing, experts in the industry speculate that the SEC may challenge two key rulings.
One of the rulings concerns the disgorgement of funds, with Judge Analisa Torres ordering Ripple to pay $125 million in civil penalties but denying the SEC’s request for disgorgement of $1.1 billion. The other ruling revolves around the programmatic sales of XRP, where Judge Torres stated that they do not meet the requirements of the Howey Test.
According to a former SEC lawyer, the agency is likely to appeal the ruling on XRP programmatic sales, as they believe it to be incorrect and not upholding good law. The industry eagerly awaits the SEC’s Form C, which will outline their appeal strategy.
In the wake of these developments, XRP experienced a 16.81% drop from September 30 to Saturday, October 5, with its price sitting at $0.5335. As the crypto market continues to navigate regulatory challenges, it will be interesting to see how this case unfolds and its impact on Ripple and XRP.
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