As a seasoned researcher and analyst with a penchant for deciphering the intricacies of the crypto world, I find myself intrigued by Fred Rispoli’s latest assessment of the SEC vs Ripple case. With over two decades of experience in law and finance under my belt, I can attest that such moves as the 111% escrow agreement between Ripple and the SEC are not made lightly.
According to Fred Rispoli, a lawyer who supports XRP and the founder of HODL Law, the chance that the Securities and Exchange Commission (SEC) will file an appeal in the case against Ripple has increased to 60%. This estimation follows a recent legal development where Ripple and the SEC have agreed to set aside more than the required amount for a monetary judgment in an escrow account, which indicates that both parties may be preparing for a potential appeal
XRP Lawsuit: Why The Appeal Odds Are Higher Now
In simpler terms, Rispoli indicated through his analysis that the decision to deposit such a large amount into trust could indicate that the SEC might consider appealing the case against Ripple. He pointed out, “The latest update on SEC vs Ripple suggests a higher probability of an appeal. Notably, Ripple and the SEC have agreed to a setup where 111% of the monetary judgment is kept in trust. The SEC will only receive this money either (1) thirty days after the deadline for filing an appeal has passed or (2) following the conclusion of the appeal.”
In my analysis, investing such a substantial amount into a trust implies a heightened likelihood of an appeal from the SEC towards Ripple’s legal team. However, it doesn’t necessarily guarantee an appeal will occur, but the chances have certainly risen, as such significant funds would not be placed in a trust otherwise if the SEC had no intention of appealing the decision
Among some users, doubts arose regarding the purpose of the escrow, with one individual questioning if this could be a tactic by Ripple to negotiate a settlement with the SEC. Rispoli posited that such a scenario is indeed plausible. He commented, “Yes, it’s conceivable. It doesn’t appear that the SEC prioritizes financial losses, but this action postpones their ability to claim any funds during potential appeals and allows Ripple to earn interest while its $125M remains in escrow.”
When asked about the possibility of an appeal, Rispoli approximated it to be approximately 60%. This figure represents a subtle adjustment from his initial assessment of 55%, made after the Kraken case verdict by Judge William H. Orrick III, and earlier, he predicted an 80% chance
Furthermore, Rispoli aimed to alleviate worries among the XRP community regarding a prolonged court dispute. He eased their concerns by hinting that the resolution of this case might not occur until 2026, thereby lessening immediate apprehensions
“There’s no need to worry. A decision won’t be made until 2026. The SEC’s lawsuits against various exchanges and its claims that several tokens are securities have significantly reduced the impact of their case on XRP. If Ripple and/or XRP don’t come out victorious now, it’s unlikely due to the SEC’s lawsuit.”
In response to Rispoli’s analysis, Jeremy Hougan, another lawyer supporting XRP, suggested that the Securities and Exchange Commission (SEC) might still be pondering over whether to file an appeal. Hougan explained his reasoning by saying, “It seems plausible that the SEC hasn’t yet decided if it will appeal. The reason for this delay? Filing a Notice of Appeal only takes 15 minutes, after which you have 70 days to submit the full brief. If the decision to appeal had already been made, there would be no reason to postpone filing the Notice – especially when one believes that unfavorable legal precedents exist.”
Following Ripple’s court filing on September 4 at the US District Court for the Southern District of New York, this recent conjecture emerged. In their filing, Rippe’s legal team asked for a halt on the financial aspect of an August 7 ruling that demanded the company to pay $125 million. They suggested that Ripple should deposit approximately $139 million, which is 111% of the awarded sum, into a bank account. This action would be taken either within 30 days after the appeal period ends or until any ongoing appeals are finalized
At press time, XRP traded at $0.5534.
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2024-09-05 20:33