Ripple 
$1, the company behind the major altcoin XRP Coin, has published its quarterly report, revealing crucial details and a summary of key developments from the last quarter. The report highlights important aspects of XRP Coin’s legal status following a court decision declaring it not to be a security. Ripple reminds stakeholders that there are no objections in the SEC‘s appeal regarding this ruling.
Ripple (XRP) Updates
A significant detail in the report centers on the court’s ruling that XRP Coin is not classified as a security. Ripple emphasizes to its investors that although there might be changes to penalty amounts as a result of the appeal, the status of XRP Coin remains unchanged. This stability could position XRP favorably for potential bullish market conditions.
Despite the ongoing battle with the SEC, applications for XRP Coin ETFs have emerged. Companies such as Canary, Bitwise, and 21Shares have officially applied for spot XRP ETFs, while Grayscale, the largest crypto trust issuer, has launched an XRP Trust.
SEC Case Developments
At the beginning of August, a judge imposed a $125 million penalty on Ripple for the sale of XRP Coin to third parties. This penalty was significantly lower than the SEC’s substantial $2 billion demand.
“There were no findings or claims of fraud or negligence against Ripple, nor was there any indication that anyone suffered financial harm. On October 2, the SEC expressed its intention to appeal the court’s ruling regarding certain historical XRP distributions made by Ripple, clarifying that the appeal does not question whether XRP is a security. The court clearly stated this when it ruled in favor of Ripple in July 2023.”
On October 24, Ripple submitted Form C to the court, detailing issues it seeks to raise in the cross-appeal. Meanwhile, the $125 million penalty has been deposited into an escrow account and will be returned to Ripple if the penalty amount remains unchanged after the appeal process concludes. Ripple officials expect a final decision from the appeals court by the fall of 2025.
