{"id":10540,"date":"2024-09-30T19:55:29","date_gmt":"2024-09-30T19:55:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10540"},"modified":"2024-09-30T19:55:29","modified_gmt":"2024-09-30T19:55:29","slug":"how-likely-is-an-sec-appeal-in-the-ripple-xrp-lawsuit-lawyer-chips-in","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10540","title":{"rendered":"How Likely Is an SEC Appeal in the Ripple (XRP) Lawsuit? Lawyer Chips In"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

A potential appeal by the SEC is becoming more likely, with one expert estimating a 60% chance.<\/span>
\nHowever, he doesn\u2019t have the best track history when it comes to this particular case.<\/p>\n

<\/a><\/h2>\n

An Appeal on the Horizon?<\/span><\/h2>\n

Despite the recent developments, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing. The latest important ruling occurred in August when Federal Judge Torres determined that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, she\u00a0<\/span>ordered<\/span><\/a> Ripple to pay $125 million for violating\u00a0<\/span>certain<\/span> securities laws.\u00a0<\/span><\/p>\n

The amount represents just a fraction of the $2 billion the regulator initially insisted on. <\/span>This<\/span> caused speculation that the agency <\/span>would<\/span> appeal the decision before the <\/span>October 7<\/span> deadline.\u00a0<\/span><\/p>\n

Last week, Eleanor Terrett (a journalist working for Fox Business)\u00a0<\/span>said\u00a0<\/span><\/a>a former SEC attorney told her that the watchdog will \u201cprobably\u201d contend Judge Torres\u2019 ruling from July 2023 concerning \u201cthe XRP programmatic sales in the Ripple case.\u201d The lawyer supposedly argued that \u201ceveryone over there [at the SEC] truly believes that the decision is wrong, that it\u2019s not good law, and should <\/span>be appealed<\/span>.\u201d<\/span><\/p>\n

Most recently, American attorney Fred Rispoli <\/span>claimed<\/span><\/a> that the chances of such a scenario had risen to 60%. He believes a \u201cno appeal\u201d would mean that \u201cprogrammatic sales\u201d is \u201ca one-off loss that <\/span>literally<\/span> only applies to Ripple\u2019s secondary sales and is a distinguishable SDNY loss for the SEC.\u201d<\/span><\/p>\n

\u201cAppealing and getting Ripple affirmed is a huge gift to all litigants in the 2nd Cir fighting the SEC (all of NY and SEC\u2019s favorite) to argue all secondary sales are not investment contracts,\u201d he added.<\/span><\/p>\n

Rispoli\u2019s Previous Take on the Matter<\/span><\/h2>\n

Earlier this year, the lawyer predicted that the lawsuit between Ripple and the SEC would officially finish <\/span>at the end of<\/span> July following a $25 million penalty for the company. As mentioned above, though, the case goes on.<\/span><\/p>\n

Rispoli also responded to Ripple\u2019s motion (<\/span>filed<\/span><\/a> in mid-September) requesting a stay on the monetary portion of the Court\u2019s Judgment. He <\/span>suggested<\/span><\/a> the development could be a precursor of a potential appeal by the SEC:<\/span><\/p>\n

\u201cGoing through all this effort <\/span>with<\/span> establishing<\/span> a trust for the funds boosts chances of an appeal <\/span>IMO<\/span>.<\/span> But ultimately<\/span>, this is just the safest <\/span>play<\/span> for SEC to buy time until the <\/span>Oct. 7<\/span> deadline to appeal.\u201d<\/span><\/p>\n

The post How Likely Is an SEC Appeal in the Ripple (XRP) Lawsuit? Lawyer Chips In<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR A potential appeal by the SEC is becoming more likely, with one expert estimating a 60% chance. However, he doesn\u2019t have the best track history when it comes to this particular case. An Appeal on the Horizon? Despite the recent developments, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) […]<\/p>\n","protected":false},"author":0,"featured_media":10541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10540"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10540"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10541"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}