As a seasoned researcher with years of experience in the dynamic world of financial law and cryptocurrencies, I find myself closely following the XRP lawsuit saga. Having observed similar legal battles unfold in the past, my gut feeling tells me that the SEC is more likely to appeal the court’s ruling rather than let it stand. The implications of this case extend far beyond Ripple, and a loss could potentially set a precedent that might not sit well with the SEC.
According to lawyer Fred Rispoli, who heads HODL Law and represents pro-XRP parties, there’s a greater chance that the Securities and Exchange Commission (SEC) will choose to challenge the court’s decision rather than let the Ripple case rest. With the final judgment from the US District Court for the Southern District of New York handed down on August 7, 2024, the SEC has until October 7 to make a decision about appealing the ruling concerning Ripple’s sales of XRP tokens.
Will The XRP Lawsuit Go In Overtime?
Rispoli voiced his predictions this weekend on X, stating, “I’m 60/40 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Letting it slide (no appeal) means that ‘programmatic sales’ is a one-off loss that literally only applies to Ripple’s secondary sales and is a distinguishable SDNY loss for the SEC. Appealing and getting Ripple affirmed is a huge gift to all litigants in the 2nd Cir fighting the SEC (all of NY and SEC’s favorite) to argue all secondary sales are not investment contracts.”
The dialogue among XRP supporters and legal analysts continued on X. Anders, a user identified as @X__Anderson, questioned whether it would be more strategic for the SEC to focus on other cases with a stronger likelihood of impacting the crypto industry broadly.
In response, Rispoli concurred with well-known XRP advocate John Deaton, stating, “The likelihood of the Securities and Exchange Commission prevailing in an appeal largely depends on the three justices who are randomly assigned to the case. If the SEC were to draw three judges who lean towards their stance (which is somewhat uncommon but possible), they could emerge victorious.
User Wides71’s additional thoughts imply that the decision-making process could stem from underlying prejudices. Rispoli agreed, stating that judicial biases have indeed seeped into legal reasoning and regrettably have become more apparent over the past 15 years in his opinion. While some parts of the US remain exceptional, he noted that many other areas are rapidly progressing in this regard.
After FOX Business journalist Eleanor Terrett shared information from a former SEC attorney suggesting a possible appeal by the agency, Rispoli’s recent evaluation of the appeal’s feasibility follows. The attorney believes that there is a significant belief within the SEC that the court’s ruling was seriously in error and deserves to be challenged, as reported by Bitcoinist.
Jeremy Hogan, another advocate for Ripple, expressed criticism towards the Securities and Exchange Commission’s (SEC) strategy, suggesting that their focus should primarily be on safeguarding investors and promoting economic growth. “Naturally, they believe the opinion is incorrect – they were on the opposite side. At this point, what the SEC really ought to be considering is whether an appeal aligns with its mission of protecting investors and fostering capital formation. Why isn’t this a priority? This seems to indicate that the SEC may have strayed from its intended path.
At press time, XRP traded at $0.65.
Read More
- USD ZAR PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- EUR MYR PREDICTION
- ABDS PREDICTION. ABDS cryptocurrency
- USD COP PREDICTION
- OXT PREDICTION. OXT cryptocurrency
2024-09-30 09:26