- XRP investors optimistic after reports of Ripple Labs vs. SEC lawsuit potential end
- Ash Crypto’s post sparks bullish sentiment by claiming civil actions were removed from SEC site
- Despite reports, the lawsuit continues with an appeal moving to the Court of Appeals for the Second Circuit
XRP investors began this Thursday optimistic after reports of a potential end to the Ripple Labs vs SEC lawsuit.
Earlier today, the famous crypto-investment social media account “Ash Crypto” shared on Twitter that the civil actions against Ripple Labs had been deleted from the official Securities and Exchange Commission website.
The news sparked a major bullish sentiment among the community, which had been waiting for years for a conclusion to that case. Ripple Labs has been entangled in the legal battle against the SEC since December 2020.
The Commission accused Ripple and its executives of promoting and offering an unregistered security (XRP) for sale. In defense, Ripple Labs argued that XRP is a digital currency, not a security.
Moreover, the lawsuit exerted significant bearish pressure on XRP, leading to a substantial loss in its value over the years. It wasn’t until mid-2023 that the case began to turn in favor of Ripple. At that time, Judge Analisa Torres ruled that XRP did not constitute a security under the Howey Test.
SEC Lawsuit Is Not Over
Despite what Ash Crypto’s post inclined — the lawsuit against Ripple Labs is not over. As a farewell gift, Gary Gensler presented an appeal to Judge Torres’ decision on its last week in office on January 15.
The reason why the civil actions cannot be found on the SEC’s website is that the lawsuit has now moved on to the Court of Appeals for the Second Circuit. Now, Ripple requested a deadline extension until April 16, 2025, to file its opening brief.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
