{"id":12239,"date":"2024-10-08T08:14:18","date_gmt":"2024-10-08T08:14:18","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12239"},"modified":"2024-10-08T08:14:18","modified_gmt":"2024-10-08T08:14:18","slug":"ripple-v-sec-lawsuit-update-october-8th","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12239","title":{"rendered":"Ripple v. SEC Lawsuit Update October 8th"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

The SEC appealed Judge Torres\u2019s recent ruling, causing a sharp drop in the asset\u2019s price.
\nThe XRP community launched a petition against the SEC\u2019s contend, but it lacks the legal power to stop the ongoing legal process.<\/p>\n

<\/a><\/span><\/h2>\n

The XRP Community is Not Pleased<\/h2>\n

The nearly four-year-old legal battle between Ripple and the US Securities and Exchange Commission (SEC) has seen numerous updates in the past few months. A key development was Judge Torres\u2019s ruling in August, which determined that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, she\u00a0<\/span>ordered<\/span><\/a> Ripple to pay $125 million for violating\u00a0certain securities laws.<\/span><\/p>\n

The firm seemed satisfied with the decision, considering that the penalty represented a 94% reduction from the SEC\u2019s initial request for $2 billion. That\u2019s why many thought the Commission would appeal and, surely enough, it did<\/a>.\u00a0<\/span><\/p>\n

The news was followed by a sharp price decline for the token and dissent from the community.<\/span> The XRP Army even <\/span>created<\/span><\/a> a petition called \u201cStop the SEC\u2019s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case.\u201d The <\/span>main<\/span> purpose of the effort is \u201cvoices to <\/span>be heard<\/span>.\u201d\u00a0<\/span><\/p>\n

\u201cThe plea here is straightforward \u2013 stop the SEC\u2019s baseless appeal in the Ripple v. SEC final judgment. The ramifications of this case extend beyond just Ripple and its stakeholders. It\u2019s a matter of principle that goes to the very foundations of digital currency regulations. <\/span><\/p>\n

We must protect the interest of all digital currency enthusiasts worldwide inspired by the prospects of a decentralized financial future,\u201d the<\/span> petition reads.<\/span><\/p>\n

As of the moment<\/span>, over 8,300 people have signed it, with 569 individuals joining the effort in the past 24 hours. The total goal is to reach 10,000 signatures.<\/span><\/p>\n

Can the Petition Stop the Appeal?<\/span><\/h2>\n

It is worth noting that the legal process operates independently from public opinions and petitions. As such, the community\u2019s initiative does not have the legal power <\/span>to directly intervene or halt judicial proceedings<\/span>.<\/span><\/p>\n

On the other hand, it can raise awareness and trigger additional attention to the process.<\/span><\/p>\n

The post Ripple v. SEC Lawsuit Update October 8th<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The SEC appealed Judge Torres\u2019s recent ruling, causing a sharp drop in the asset\u2019s price. The XRP community launched a petition against the SEC\u2019s contend, but it lacks the legal power to stop the ongoing legal process. The XRP Community is Not Pleased The nearly four-year-old legal battle between Ripple and the US Securities […]<\/p>\n","protected":false},"author":0,"featured_media":12240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12239"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12239"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12240"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}