There has been a new development in the XRP case, and this has caused wide repercussions in the crypto community. Famous lawyer James K. Filan, US SEC’s decision on Ripple 
$0.533741He confirmed that his appeal against was submitted to the Second Circuit Court of Appeals. This official objection also targeted Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, sparking conversations among XRP enthusiasts.
US SEC Targets Ripple Executives in Official Application
The US SEC caused consternation in the crypto market by including Ripple executives Brad Garlinghouse and Chris Larsen in its latest objection in the XRP case. This development follows the original lawsuit, which ended with the agency failing to prove its allegations against the two executives. It also comes on the heels of the US SEC recently filing a notice of appeal.
XRP Price Increased Despite US SEC Objection
XRP price traded at $0.5337, up nearly 2% today, with trading volume down 32% to $1.20 billion. The cryptocurrency reached a peak of $0.5384 and a low of $0.5172 in the last 24 hours despite the US SEC appeal.
Ripple’s On-Demand Liquidity System Sparked Controversy
In light of the US SEC’s latest objection, discussions on Ripple’s On-Demand Liquidity (ODL) system have also reignited. Some have questioned whether ODL sales played a role in the allegations against Brad Garlinghouse and Chris Larsen. Bill Morgan clarified that ODL sales are part of Ripple’s corporate operations but are not within the scope of the accusations against executives.
“ODL sales are part of Ripple’s corporate operations, but were not part of the accusations against executives.” –Bill Morgan
Meanwhile, Ripple’s Legal Manager Stuart Alderoty pointed out that there may be a cross-appeal in the case. This move by the US SEC has attracted intense criticism from the crypto community and the market is eagerly awaiting this appeal.
The latest developments may require XRP holders to be prepared for a longer legal process in the appellate court of the case. The US SEC’s targeting of executives again as its strategy may affect the course of the process and cause Ripple to strengthen its defense mechanisms.
The Ripple community is carefully monitoring the motivations and strategic goals of this latest move by the US SEC, and there are varying opinions on how the case will play out. The outcome of the case could also have significant impacts on the future of XRP in the crypto market.
Controversies over Ripple’s On-Demand Liquidity (ODL) system and executive sales could play a critical role in the overall strategy and outcomes of the case. Ripple and its supporters should be prepared for the US SEC’s moves and take the necessary steps to gain advantage in the legal process.
Ripple’s legal battle also provides an important example of crypto regulators’ approach to the industry and the challenges that may be faced in similar cases in the future. This process also offers lessons on how crypto companies should act on legal grounds.
While the US SEC’s appeal against Ripple increases uncertainties in the crypto market, it also stands out as an important turning point for XRP owners and investors. Following these developments closely is critical for market players to determine their strategies.
The legal fight between Ripple and the US SEC continues as a process that should be observed in terms of the regulatory framework of the crypto industry and future regulations. In this process, the steps and legal strategies to be taken by both parties will shape the dynamics in the sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
