XRP surges as community urges SEC to drop appeal under new chair

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a critical juncture. The XRP community is urging newly appointed SEC Chair Mark Uyeda to drop the agency’s appeal, which was filed on October 2, 2024, challenging Judge Analisa Torres’ rulings on programmatic sales and other distributions. Since the filing, XRP supporters have expressed frustration, particularly because the court ruled that XRP’s public sales did not violate securities laws.

Community members, led by X user Tanner, believe that the SEC’s continued pursuit of the case is unnecessary. Some speculate that Ripple’s request for an extension until April 16th may be tied to Uyeda’s potential leadership shift, anticipating a more pragmatic resolution under his watch. Prominent figures in the crypto community have suggested a compromise, where both Ripple and the SEC drop their appeals and agree to revise the $125 million penalty currently in escrow. This would allow Ripple to move forward without the lingering uncertainty of legal proceedings and enable the SEC to avoid further reputational damage from a prolonged fight.

With Mark Uyeda now acting as chairman of the SEC, there is renewed hope that a resolution could be reached in the Ripple versus SEC case. Uyeda has been critical of the SEC’s regulatory overreach in the past, and his leadership thus far has signaled a shift away from aggressive enforcement actions. The SEC dropped its charges against Ripple executives in October 2023 and closed the Coinbase lawsuit recently, moves that crypto community members believe mark a softening position on the SEC’s side. However, the ongoing Ripple lawsuit appeal remains a central sticking point. The XRP community argues that if Uyeda truly wants to address the regulatory missteps of the past, dismissing the SEC’s appeal would be a decisive step, restoring trust and setting a new direction for crypto regulation.

Meanwhile, Ripple Labs has continued to strengthen its policy efforts in the United States. The organization is engaging with lawmakers and blockchain associations to advocate for clear cryptocurrency regulations. These efforts align with broader industry calls for regulatory clarity that gives room for innovation rather than stifling it through litigation. As the case with the SEC progresses, all eyes are on the regulator’s next move. Will Uyeda take action to end the Ripple lawsuit appeal and bring long-awaited closure? The XRP community is watching