As a seasoned crypto investor with a knack for deciphering legal jargon and a keen eye for market trends, I find myself intrigued by the latest developments in the Ripple-SEC saga. Having weathered numerous market storms since the early days of Bitcoin, I’ve learned to navigate the often treacherous waters of regulatory uncertainty with a healthy dose of skepticism and patience.
Over the past seven days, Judge Analisa Torres concluded the legal dispute between Ripple and the SEC, imposing a fine of $125 million on Ripple and barring them from violating securities laws in future. This penalty was less than the SEC’s desired $2 billion, leading to a surge in XRP value by more than 20%.
Since the SEC previously attempted – but ultimately couldn’t – appeal Judge Torres’ decision in the Ripple case, there’s growing curiosity about whether they may try another appeal. The potential focus could be on the topic of secondary transactions and the imposed penalties.
In a chat about the Ripple case (previously known as Twitter), Marc Fagel, a previous SEC regional director, has given his thoughts on how an appeal could be structured, should there be one. He provided insights into potential directions such an appeal might follow.
In this case, the Securities and Exchange Commission (SEC) was victorious in challenging institutional sales, as they were determined to have broken the law. However, Ripple prevailed regarding sales made through third-party intermediaries, often referred to as “programmatic” sales. Now, the SEC plans to appeal the ruling on these programmatic sales, and it is expected that Ripple may respond with a cross-appeal of the initial institutional sales decision.
— Marc Fagel (@Marc_Fagel) August 14, 2024
In summary, Fagel pointed out that the Securational Commission (SEC) emerged victorious in the matter of institutional sales, whereas Ripple achieved success in the area of automated sales, which involve third-party intermediaries. The court determined that these automated sales were not considered an unregistered offering of securities.
According to Fagel, if the SEC decides to file an appeal, they may attempt to contest the part of the decision concerning programmatic sales. Furthermore, Fagel’s comments hint that in such a scenario, Ripple could counter-appeal the verdict regarding institutional sales.
Potential appeal?
Immediately following the delivery of the verdict, Stuart Alderoty, Ripple’s top legal officer, spoke about the outcome of the case during a conversation with CNBC. During this discussion, he touched upon the potential for an appeal by the U.S. Securities and Exchange Commission (SEC).
Alderoty pointed out that the SEC has the ability to file an appeal within the next 60 days, but chose instead to emphasize that Ripple is concentrating on the conclusion brought by the order. The Ripple CLO then suggested that if the SEC acts reasonably, they likely won’t appeal and everyone can move forward.
In the ongoing legal dispute involving Ripple, a significant uncertainty persists due to the lengthy appeals process. This implies that it’s very unlikely for any higher court verdict in this case to be made before 2025, and a decision by the Supreme Court might not come until as late as 2026 or beyond.
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2024-08-15 15:53