The lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) has in fact not ended, as new reports of the regulator possibly opposing the court’s decision have surfaced. If the SEC decides to proceed with the appeal, Ripple could be drawn into an even longer and more tedious legal dispute, extending the uncertainty about its regulatory clarity. Related Reading: Crypto Champion NYC Mayor Eric Adams Indicted For Corruption SEC May Appeal Ripple Court Ruling In an X (formerly Twitter) post on September 26, Fox Business journalist Eleanor Terrett revealed new information concerning the three-year-long court battle between Ripple and the US SEC. Terrett disclosed that the SEC may likely appeal the July 2023 ruling made by Judge Analisa Torres’ concerning Ripple’s programmatic sales of XRP. In the crypto community, there has been an ongoing conjecture over the SEC’s intentions to appeal the court’s ruling on Ripple. Many crypto community members had assumed that the regulator would not file an appeal, as a result, they believed that the more than three-year-long legal battle would finally come to an end. Terrett’s new report has put a halt to these speculations, as she reveals that a recently departed SEC lawyer directly informed her that the regulator may file a last-minute appeal against Judge Torres’ court ruling. “Everyone over there (at the SEC) truly believes that the decision is wrong, that it’s not good law, and should be appealed,” the former SEC lawyer allegedly stated. Earlier in July 2023, the crypto community celebrated Ripple’s partial win against the US SEC, following Judge Torres’ ruling that XRP is not a security. Specifically, the ruling stated that programmatic sales of XRP were not considered a security. Moreover in a more recent court hearing in August 2024, Judge Torres brought the first chapter of the lawsuit between Ripple and SEC to a close by imposing a $125 million penalty on Ripple and forbidding the digital asset firm from violating future securities law. This outcome was seen as a major win for the Ripple community, as it provided well-needed legal clarity and seemingly put an end to the prolonged court battle. However, with October 7 being the deadline for the SEC to file an appeal, Ripple could face more legal hurdles if the regulator moves forward with the challenge. Analyst Affirms October Is Crucial For XRP ‘JackTheRippler,’ a crypto analyst and prominent XRP supporter, has declared October to be a life-changing month for both Ripple and XRP holders. Contrary to recent reports of a potential SEC appeal, the analyst predicts that the regulator would not appeal the court’s ruling on Ripple. Related Reading: SEC May Appeal Ripple Case, Says Journalist—Senate Candidate Joins The Debate He also forecasts that XRP could reach new all-time highs in October, driven by the start of mass adoption in the United States (US). As of writing, the price of XRP is trading at $0.6, reflecting a 1.94% increase in the last 24 hours, according to CoinMarketCap. Featured image from Canva, Envato Elements, chart from TradingView
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Tether Law Enforcement Support Pushed to Crack Down on Crypto Scam
Tether law enforcement support is increasingly enhanced with the freezing of nearly $14 million from confidence scams. NewsBTC
UNI Surges 30% Amid Ongoing On-Chain Development Talks
Uniswap’s UNI has grown in favor of investors as the token continues its upward trajectory in the face of crucial on-chain developments. According to CoinGecko, the token surged 30% since last month, keeping the token on the green zone. With the market’s renewed bullishness, UNI might be on the road for some gains in the short term. Uniswap recently announced a development that may enhance user experience in using the platform altogether. Investors are excited as the platform continues to find innovative ways to improve user engagement. Related Reading: Bitcoin Breaks $65K With $365 Million In Spot ETF Inflows Fueling The Rally Gas Abstraction: A Leap For Uniswap UX? Across Protocol’s Chief Technology Officer, Matt Rice, and Uniswap’s Staff Software Engineer, Mark Toda recently discussed about the ERC-7702 which, if passed, would introduce a new transaction type known as externally owned accounts (EOAs). In general, ERC-7702 will implement gas abstraction, a feature that would both improve user experience and save users a ton of money in the process. ERC-7702 Uniswap’s next big leap ????@MarkToda from @uniswap talks with @mrice32 about how gas abstraction could simplify DeFi for millions. Is this the user experience revolution we’ve been waiting for? pic.twitter.com/UVR3Mid5HQ — Across (@AcrossProtocol) September 24, 2024 According to Mark Toda, the biggest obstacle for gas abstraction to be successfully implemented is authorizing a users address without gas on-chain. “…Think about it right now, if you are trying to send some tokens on some random chain and you’re trying to swap out of there or do anything there, right now you need to have a native token to pay the gas…or authorize the contract of some sort to take your tokens,” Toda said when asked about a scenario where a user swaps tokens with no available chains on the platform. To put it simply, ERC-7702’s most notable feature regarding gas sponsorship which helps users pay gas fees distinct from their chain of origin. This feature, once ERC-7702 is implemented, will greatly improve cross-interoperability, enhancing user experience. As of writing, ERC-7702 is still in its draft stage which means the new on-chain goodies featured between Toda and Rice are still subject to revision. Nonetheless, it presents a good future for the Uniswap community. UNI: Investors Should Watch These Levels As of writing, UNI has continued to make ground against the bears in the medium term which places the token at the gates of the $7.518 resistance level. This crucial resistance level might continue to resist in the coming days as the market hits its peak after days of continued bullish movement. Related Reading: Stacks: New Network Upgrades Push STX Price Up By 18% – Details With this in mind, investors should monitor the token’s movement in the coming hours and days as this may determine the trajectory of the token. If UNI breaks through this crucial resistance level, it opens the door toward $9.012 in the medium term. However, if $7.518 remains unbeaten or the bulls breakthrough for a short while before pulling back, it might trigger a downward movement by the bears targeting $5.899 in the medium term. Featured image from Pexels, chart from TradingView NewsBTC