As a seasoned researcher with over two decades of experience in the financial sector and a keen interest in the crypto space, I find myself intrigued by the latest developments in the SEC vs. Ripple case. Having closely followed similar legal battles involving regulatory bodies and fintech companies, I’ve come to appreciate the complexities and nuances that these cases often entail.
The U.S. Court of Appeals for the Second Circuit acknowledged the appeal by the Securities and Exchange Commission (SEC) regarding certain parts of Judge Analisa Torres’s decision in favor of Ripple, which was recorded on their electronic filing system on October 4, 2023.
SEC adds Garlinghouse and Larsen in appeal
As reported by well-known legal counsel James Filan, the title of the case in question is Securities and Exchange Commission versus Ripple Labs Inc., and the corresponding case number is 24-2648. This filing officially indicates that an appeal has been lodged.
For now, we don’t have details on the exact date of the hearing. In this case, Ripple Executives Brad Garlinghouse and Chris Larsen, classified as the respondents, are opposite parties to the SEC.
This decision by the regulatory body has sparked discussions within the cryptocurrency community, as people ponder the reasons behind this action. You might recall that the SEC was previously unable to substantiate its allegations against the exchange’s CEO and co-founder in past instances. Interestingly, it seems that the agency is revisiting cases from previous hearings, potentially with the aim of overturning those dismissed claims.
Former SEC attorney, Marc Fagel, has raised suspicions that the SEC’s actions might align with his views. Many industry analysts are growing increasingly exasperated by the SEC’s strategies. This is due to the fact that Ripple’s CEO is no longer a party in the XRP lawsuit, as the SEC previously dropped its charges against him.
As it stands, the XRP community would have to brace up for whatever may come their way.
Uncertainty trails Ripple lawsuit
In a recent episode of the “Thinking Crypto” podcast, attorney Fred Rispoli expressed his views about the potential outcome of the SEC’s legal battle against Ripple. While he feels that Ripple has the resources to challenge the Securities and Exchange Commission (SEC), there is a caveat: the decision ultimately depends on the specific panel assigned to hear the case.
If the panel often supports the government in all matters, it increases the likelihood that the Securities and Exchange Commission will succeed. In other words, there’s a strong possibility, around 70-80%, that they will emerge victorious, as he emphasized.
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2024-10-05 15:18