An air of uncertainty looms over the SEC courtroom, impacting XRP’s market performance, driven by the ambiguity surrounding a potential appeal of the XRP programmatic sales order. This uncertainty led to a 3.62% decrease in XRP on Monday, with its value settling at $0.5267 after a previous 1.23% decline.
On January 11, the SEC sought a court order compelling Ripple to disclose its financial statements for 2022-23 and post-complaint contracts governing institutional sales of XRP. Ripple, in response on January 19, opposed the motion to compel, prompting Judge Analisa Torres to assess the necessity of post-complaint disclosures.
As the SEC vs. Ripple case reaches its conclusion, the SEC is gearing up to file an appeal against the programmatic sales rule. In December, Judge Rakoff’s decision in the SEC vs. Terraform Labs case created uncertainty about the SEC’s potential to appeal. The SEC may file an appeal during the middle of the year.
In the SEC vs. Coinbase (COIN) case, a hearing on January 17 saw both parties exchanging oral arguments regarding Coinbase’s motion to dismiss. Legal analysts suggest Coinbase has a high chance of prevailing, with estimates indicating a 70% likelihood of success. The SEC and Coinbase debated investment contract interpretations, with Coinbase’s stance appearing more logical.
There is speculation about the potential transfer of the case to the US Supreme Court, although Brad Garlinghouse, CEO of Ripple, stated the organization does not support operators seeking a reconsideration of the programmatic sales rule in the Supreme Court. The evolving legal landscape surrounding XRP and related cases continues to impact the cryptocurrency market.
