On October 16, the SEC filed a Form C civil objection in its lawsuit against Ripple to appeal some of the court’s rulings in favor of Ripple. However, the objection does not target the ruling that XRP is not a security.

SEC Partially Objects to Court’s XRP Decision

In the objection filed by Ripple’s defense attorney James Filan on October 17, the SEC requested that the court review the court’s rulings regarding Ripple’s XRP sales on exchanges and the personal XRP sales of CEO Brad Garlinghouse and co-founder Chris Larsen.

XRP Not a Security Decision Remains Unchanged

Ripple’s chief legal officer Stuart Alderoty, in a statement on social media platform X regarding the SEC’s objection, stated that the SEC’s application does not object to the decision that XRP is not a security. “This decision remains a matter of law,” Alderoty said, adding that Ripple plans to file its own objection next week.

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The SEC’s objection revived allegations that Garlinghouse and Larsen violated securities laws and helped Ripple violate those laws. It also requested that the court review the partial summary judgments it issued in favor of Ripple, particularly those related to XRP sales on exchanges and the distribution of XRP for non-cash payments. The SEC stated that these issues should be reviewed de novo (from the beginning).

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The bullish momentum stems from rumors that the SEC may have failed to file the necessary forms for its appeal of Judge Analisa Torres’ August ruling by the October 16 deadline. If confirmed, this misstep could lead to the dismissal of the SEC’s appeal, weakening its case against Ripple and providing a significant boost to XRP.

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However, Fox Business journalist Eleanor Terrett pointed out that the SEC might still have until October 18 to submit the forms, as the agency’s appeal, filed on October 2, wasn’t officially docketed until October 4.

In addition to the legal developments, the rise in XRP’s price follows the October 15 debate between crypto advocate and Republican nominee John Deaton and Senator Elizabeth Warren. Deaton criticized Warren for focusing on her “anti-crypto army” rather than addressing economic issues like illegal immigration and inflation affecting Massachusetts residents.

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Ripple SEC Case Resolution and Impact

The long-running legal dispute between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) has ended with a final decision on the settlements. This decision could potentially pave the way for the approval of a spot XRP ETF. While Ripple Labs faces a significant fine, the lawsuit provides significant legal clarity for its native token, XRP.

Increasing Speculation About XRP ETF Approval

The outcome of the case has fueled speculation about the possible approval of an XRP ETF. Bitinning founder Kashif Raza expressed optimism on X (formerly Twitter) about the future of XRP in the ETF market. He said:

“Sales of XRP to institutions violated securities laws. Pay a $125 million fine. Sales of XRP to retail did not violate securities laws. Relief to the XRP community… Expect XRP ETF applications soon.”

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ETF Store President Nate Geraci echoed this sentiment by asking the question “What about XRP ETF?” regarding X. He emphasized the importance of Judge Torres’ decision, emphasizing that Ripple’s programmatic sales of XRP to retail customers through exchanges did not violate federal securities laws.

This decision provides XRP with legal clarity that many other altcoins lack, thus increasing the chances of an XRP ETF application. Earlier this year, after the SEC approved Spot Ethereum ETFs, analysts began speculating about the possibility of ETFs for other altcoins, including XRP. Geoffrey Kendrick, an analyst at Standard Chartered Bank, was quite outspoken about this possibility.

Analyst Estimates and Market Outlook

Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, offered an optimistic view on the situation. “As the market looks ahead, it is unlikely that this development will happen in 2024. This is because such an ETF approval would involve several steps. So even if an application is made immediately, the decision could be delayed until next year,” he said.

Kendrick also suggested that the approval of the Ether Spot ETFs shows that the SEC does not view ETH as a security. This logic could also apply to other altcoins such as XRP and Solana, with the possibility of an ETF launch by 2025. Supporting his prediction, VanEck and 21Shares filed for spot Solana ETFs last month.

The end of the Ripple SEC lawsuit has not only provided regulatory clarity for XRP but also increased the possibility of XRP ETF applications. While the market speculates on the potential of these ETFs, the regulatory landscape for cryptocurrency ETFs could see significant improvements in the next few years.

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