Welcome to Extreme Investor Network, where we provide you with the latest insights and updates on the stock market, trading, and everything related to Wall Street. Today, we are diving into the recent SEC filing that has sent shockwaves through the Ripple and XRP community.
Following the SEC filing on Wednesday (May 8), investors are now eagerly waiting for the outcome of the procedural court requirements. The court will ultimately decide the penalty that Ripple must pay for breaching Section 5 of the 1933 Securities Act. This decision could have far-reaching implications on Ripple’s future plans for expansion in the US and the trends in XRP price.
One of the major hurdles facing Ripple is the SEC’s intention to appeal the ruling on Programmatic Sales of XRP. Back in July 2023, Judge Analisa Torres ruled that the programmatic sales of XRP did not meet the third prong of the Howey Test. This ruling has sparked a series of events, including the SEC’s failed attempt to appeal the decision with a motion for interlocutory appeal in October.
The recent court rulings involving the SEC and crypto have injected a sense of uncertainty among investors regarding the outcome of any potential appeal against the Programmatic Sales ruling. In December 2023, Judge Rakoff made headlines by ruling that Terraform Labs and Do Kwon had violated US securities laws by not registering TerraUSD and Luna as securities. Judge Rakoff’s statements also cast doubt on the validity of the Programmatic Sales of XRP ruling, describing it as a judicial error.
Stay tuned to Extreme Investor Network for more updates on this developing situation and valuable insights into the world of trading and finance. Our team of experts is dedicated to providing you with unique and informative content that you won’t find anywhere else. Happy investing!
