SEC Likely to Appeal Ripple Ruling: Legal Experts Weigh In on XRP
Ripple vs SEC: Potential Appeal Sparks Debate Amid XRP Market Momentum
The Ripple vs SEC case has been a focal point in the cryptocurrency world, and recent developments suggest that the U.S. Securities and Exchange Commission (SEC) is likely to appeal Judge Torres' summary judgment on XRP.
Pro-XRP lawyer John Deaton and other legal experts have weighed in on the chances of the SEC winning this appeal, particularly regarding XRP's programmatic sales. A former SEC attorney told Fox Business journalist Eleanor Terrett that the agency is "probably" going to challenge the July 2023 ruling. This move has sparked significant speculation and debate within the legal and crypto communities.
John Deaton, who represents 75,000 XRP holders, criticized the SEC for its lack of adherence to the law, suggesting that an appeal would be a waste of taxpayer money. Despite this, he acknowledged the possibility that the SEC, under Gary Gensler, might still proceed with the appeal.
Lawyers' Perspectives on the Appeal's Outcome
Fred Rispoli, another prominent lawyer, agrees with Deaton that overturning Judge Torres' ruling would be challenging for the SEC. Rispoli pointed out that the outcome would heavily depend on the three randomly selected justices who will hear the case.
"If the SEC draws three SEC-biased judges (rare but possible), it could win," Rispoli stated.
Other lawyers, including Bill Morgan and Jeremy Hogan, share this sentiment, noting that a last-minute appeal filing by the SEC could have significant implications for Ripple and the broader XRP community.
If the SEC does not appeal, it would be a substantial victory for Ripple and other litigants in the 2nd Circuit court. This could also set a precedent, allowing them to argue that all secondary sales are not investment contracts.
Meanwhile, XRP's market performance has shown positive momentum. The price of XRP jumped 2% in the past 24 hours, currently trading at $0.602, with a 24-hour low and high of $0.585 and $0.610, respectively. The trading volume has increased by 21%, indicating heightened interest among traders. Analysts predict a potential price target of $2 for XRP.
Conclusion
While the SEC's potential appeal remains uncertain, legal experts largely agree on the low chances of the agency winning. This ongoing legal battle continues to be a significant point of interest for the cryptocurrency market.
