As a seasoned analyst with over two decades of experience in financial markets and regulatory compliance, I have witnessed numerous legal battles between agencies and tech companies. The ongoing Ripple case is no exception, and it seems that we are approaching another significant juncture.
Based on what Fox Business reporter Eleanor Terrett shared, it’s been anticipated by a legal expert with experience at the SEC that an appeal for the Ripple case may be filed by the agency.
The SEC appeal will center around the controversial July 2023 court ruling, which recognized secondary XRP sales as non-securities.
According to the attorney as mentioned by Terrett, everyone at the agency believes that the contentious ruling passed by U.S. District Judge Analisa Torres was, in fact, incorrect.
Remarkably, the decision drew significant backlash, as U.S. District Judge Jed Rakoff argued against the notion of creating a distinction in the sale of tokens based on their classification.
After the Ripple case verdict, there’s been lots of discussion and guesswork about what the Securities and Exchange Commission (SEC) might do next.
It is worth noting that the agency is supposed to appeal the case by Oct. 7.
In simpler terms, Stuart Alderoty, a top attorney at Ripple, stated that he wouldn’t be shocked if the Securities and Exchange Commission (SEC) decided to appeal. Nevertheless, he is confident that the legal classification of XRP will remain unchanged as it is now “established law.
According to U.Today’s report, the head of the Securities and Exchange Commission (SEC), Gary Gensler, has once again stated his belief that Bitcoin should be classified as a commodity.
However, the legal status of the vast majority of other tokens remains unclear.
Recently, lawyer Fred Rispoli stated that the XRP community shouldn’t worry too much about a potential SEC appeal, as it’s unlikely the current decision will change before at least 2026.
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2024-09-27 12:22