⚖️💥 SETBACK IN THE RIPPLE CASE! Judge rejects agreement with the SEC, is $XRP in uncertainty?
Judge Analisa Torres rejected the joint motion from Ripple and the SEC for an agreement 🤝, deeming it "procedurally improper" 🚫. This delays the final resolution of the more than four-year litigation over whether #xrp is a security ❓.
In July 2023, Ripple achieved a partial victory 🎉 when the judge ruled that scheduled sales of XRP were not securities, but institutional sales were, resulting in a fine of $125 million 💸. In March, Ripple announced that the SEC would withdraw the litigation under new leadership 🔄.
In May, Ripple agreed to pay $50 million of the original fine 💰, and both parties requested to overturn the order prohibiting Ripple from violating securities laws. However, Judge Torres found the request improper, noting it should have been filed under Rule 60, which requires "extraordinary circumstances" to modify a final ruling 📜.
Ripple's legal director, Stuart Alderoty, reiterated that the victory of #Ripple that XRP is not a security stands ✅, and that the current matter is merely procedural. He assured that both parties want to resolve the case and will take it back to court 🗣️.
What's next? Ripple and the SEC will need to rethink their strategy to close the case 🤔, which is crucial for crypto regulation in the U.S. They could reframe their proposal or negotiate a broader agreement 🤝. Meanwhile, the court order limiting institutional sales of XRP remains in effect 🚧.
The XRP community remains vigilant 👀, believing that the price will skyrocket once the case concludes 🚀. At the time of writing, XRP is trading at $2.43, with a 115% appreciation over six months 📈.
How do you think this decision will affect the price of XRP in the short term? 🤔 Will Ripple and the SEC finally reach an agreement?
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