September 10, 2023 at 11:21 PM GST 1 min read News
  • SEC requests court’s approval for an appeal in Ripple case.
  • SEC’s recent move contradicts Gensler’s previous stance on crypto regulation.
  • XRP community debates the implications of the appeal and its chances of approval.

The latest chapter in the Ripple-SEC story is unfolding as the Securities and Exchange Commission (SEC) seeks court approval for an appeal in the Ripple case. This could put proceedings on hold until a conclusion emerges. 

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Interestingly, this comes after SEC’s Gary Gensler voiced that existing regulatory parameters were apt for digital assets. The current appeal seems to challenge that belief.

This development has the Ripple community abuzz. One Ripple advocate recently reached out to Marc Fagel, a former SEC official specializing in securities law, probing the likelihood of the appeal’s approval. Emphasizing the case’s weight for the crypto domain, they pointed to unique legal points and contrasting verdicts.

Fagel, while recognizing the gravity of these elements, indicated that the appeal process is daunting. He was skeptical about the SEC’s chances, unless the court deems the presented concerns as pivotal.

Observers of the crypto world remain hopeful. The ongoing Ripple-SEC encounter could pave the way for clearer, more beneficial regulations for cryptocurrencies. The positive trajectory for Ripple and the SEC could see them setting a precedent for future digital asset regulations.

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