The U.S. Securities and Exchange Commission Will Appeal the Ripple Lawsuit

The U.S. Securities and Exchange Commission will initiate an opening brief for the appeal of the court's ruling in the lawsuit against Ripple Labs regarding the classification of XRP. Ripple Labs' General Counsel Stuart Alderoty revealed this on X, noting that the agency has denied the request for an extension to file. Alderoty expressed his disappointment with the SEC's decision in a post on X, noting that it wastes taxpayers' time and money. The opening brief from the SEC in the appeal is due on January 15, but many expect the regulatory agency may push for an extension due to the upcoming leadership change with Gary Gensler set to step down on January 20. Alderoty said: "We have requested the SEC to agree to postpone the submission of their initial brief in our appeal case (current deadline is January 15) - and they have refused. It's a waste of time and taxpayers' money!" However, legal counsel further stated that the company, based in San Francisco, remains confident in its position and believes they will still receive a favorable ruling on appeal. He also hopes that the upcoming SEC government, led by Paul Atkins, will be more receptive to dialogue and problem-solving. SEC's Summary Prospectus Does Not Hinder Resolution Meanwhile, the decision to continue the SEC's application has faced criticism from the cryptocurrency community. Many people wonder why this regulatory agency continues to appeal when the possibility is that the next leadership will not continue the case. However, this decision does not come as a surprise to legal experts who have predicted that this would happen. Cryptocurrency lawyer Jeremy Hogan predicted that the SEC would not miss the filing deadline as it is mandatory for the regulatory agency. For the SEC led by Gensler, the court's ruling that selling XRP under the program and distributing XRP for consideration not in cash does not constitute a security is a legal position that the SEC must oppose. Failure to file an opening brief will result in dismissal of the appeal. However, Hogan believes that this does not prevent the new SEC Chairman from resolving the matter. He said: "SEC will submit the summary on January 15th because they have to do so, but that doesn't mean the new SEC leaders won't resolve the case. It doesn't change anything." However, the filing means that the SEC lawsuit, which began in late 2020, will continue into its fifth year. Although Judge Analisa Torres has ruled on the case and even ordered Ripple to pay a $125 million civil penalty for selling XRP to organizations, the SEC's appeal means that the case is still unresolved. All eyes are now on the next SEC chairman, Paul Atkins, and whether he will provide a solution to the incident. Atkins is believed to be supportive of cryptocurrency, and many believe that the SEC, under his leadership and during Donald Trump's presidency, will be more receptive to the cryptocurrency sector. $XRP Increased Nearly 10% in 24 Hours Despite the SEC's continued lawsuit against Ripple, the XRP token has risen nearly 10% today to $2.686. This positive performance is the result of the overall market reversal as BTC rises 5% and returns to the $96,000 level. The reversal in the losses of the entire market could be due to several factors, including reports that Trump will no longer impose tariffs as planned. News of a more realistic approach to tariffs has reduced concerns about hidden inflation, reigniting interest in riskier assets, including cryptocurrencies.

However, this is not surprising when Bitcoin often operates contrary to market expectations. In the days before the reversal, the prevailing topics in the cryptocurrency community revolved around BTC dropping below $90,000. This indicates significant fear, a factor that Santiment analysts believe will "precede a recovery".

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