XRP Community Urges SEC to Drop Ripple Appeal
XRP Community Pressures SEC to Drop Ripple Appeal
The Ripple Labs and SEC legal battle has reached a critical juncture. Following a partial victory for Ripple, the XRP community is intensely lobbying newly appointed SEC Chair Mark Uyeda to abandon the agency's appeal.
Community Reaction to SEC Appeal
Since the SEC filed its appeal on October 2, 2024, challenging Judge Analisa Torres' rulings on programmatic sales and other XRP distributions, XRP supporters have expressed significant frustration. Many, including prominent community member Tanner on X (formerly Twitter), believe the SEC's continued pursuit is unwarranted given the court's determination that XRP's public sales didn't violate securities laws.
One Twitter user, Sherrie (@CherryEmpress21), noted the potential significance of the timing of Ripple's request for a brief extension to April 16th, suggesting it might be connected to Uyeda's appointment and a potential for a more favorable resolution under his leadership.
Some propose a compromise: Ripple and the SEC should drop their appeals and renegotiate the $125 million penalty currently in escrow. This approach would offer Ripple clarity and the SEC a path to avoid further reputational damage.
The New SEC Chair and Crypto Litigation
Mark Uyeda's appointment as Acting Chairman of the SEC has renewed hope for a swift resolution. Uyeda's past criticism of the SEC's regulatory overreach suggests a potential shift towards less aggressive enforcement. The SEC's prior dropping of charges against Ripple executives and the dismissal of the Coinbase lawsuit further fuel this optimism within the crypto community.
However, the Ripple appeal remains a significant hurdle. The XRP community believes that dismissing the appeal would demonstrate a commitment to correcting past regulatory missteps, rebuild trust, and establish a new direction for crypto regulation.
Ripple's Proactive Policy Engagement
Ripple Labs is actively engaging with US lawmakers and blockchain associations to advocate for clear and innovative cryptocurrency regulations, aligning with industry-wide calls for regulatory clarity that fosters, rather than hinders, innovation.
The outcome of the SEC appeal remains uncertain. The XRP community awaits Uyeda's decision, hoping for a resolution that brings long-awaited closure. Furthermore, Ripple CEO Brad Garlinghouse has publicly voiced support for President Trump’s proposed crypto strategic reserve, potentially including XRP, signaling a shift away from the Biden administration's regulatory approach.
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