Speculation surrounding the SEC v. Ripple case has increased after a notice of appeal was filed on October 3, with experts issuing conflicting opinions on the possibility of a formal appeal. Former SEC lawyers believe the SEC’s consistent approach means its decisions are unreasonable. The increase in fines by $125 million was the motive.
CNF recently reported that the U.S. Securities and Exchange Commission (SEC) filed a notice of appeal with the state Court of Appeals for the Second Circuit. According to an SEC spokesperson, the commission’s decision was based on its observation of inconsistencies between parts of Judge Annalisa Torres’ July 2023 XRP ruling and a decade of precedent set by the Supreme Court. It emanates from the beginning. Meanwhile, an XRP analyst and enthusiast who goes by JackTheRippler believes that blockchain companies and the commission could reach an agreement within 14 days.
According to the enthusiast, the SEC’s appeal decision will depend on whether it wants to increase the initial $125 million penalty imposed on Ripple. But Mark Feigel, a former SEC attorney who correctly predicted the appellate decision, thinks otherwise.
🚨BREAKING: SEC and @Ripple The SEC, which can reach a settlement within 14 days of a “notice of appeal,” needs more money and has appealed the $125 million.#XRPThe status of cannot be changed and is not considered a security. pic.twitter.com/9AOCbdQXhD— JackTheRippler (@jack_rippla) October 6, 2024
In this regard, Feigel hinted that the consistency of the commission’s approach, starting with last year’s interlocutory appeal over programmatic sales of XRP, suggests that the grounds for appeal are far removed from the amount of the fine. . For him, there is no rational basis for expecting reconciliation, even if it is theoretically possible.
Ripple (XRP) executives and industry lawyers speak out
In a brutal response, Ripple Chief Legal Officer Stuart Alderroti accused the SEC of deliberately waging a legal battle against the crypto industry. He said Ripple plans to investigate the situation and file a counter-complaint.
We are considering whether to file a cross-appeal. Either way, the SEC’s lawsuit has been absurd and misguided from the beginning, and we are prepared to prove it again in the Court of Appeals (again leading the industry).
Attorney Bill Morgan, who joined the conversation, clarified that the commission had only filed a notice of appeal. He said the parties could negotiate a settlement within 14 days. On the other hand, Morgan believes that this possibility may be highly unlikely given the SEC’s recent stance on the crypto industry. In this case, he advised Ripple to challenge institutional sales to on-demand liquidity (ODL) customers if it decides to cross-appeal.
Meanwhile, Ripple CEO Brad Garlinghouse believes the allegations are “misguided” and “upsetting.”
We intend to fight in court for as long as necessary, but let’s be clear: XRP’s status as a non-security is the law today, and that will not change in the face of this misguided and vexatious appeal. No. . Recall that when the SEC unsuccessfully tried to file an “interlocutory appeal,” they made it clear that they had no intention of challenging XRP’s non-securities status. )
Against this background, cryptocurrency analyst Amonics said that XRP was He predicted that if it replicated the 75,000% surge, it could reach $589.
Source: Amonics
At press time, XRP was trading at $0.54, up 1.79% over the past 24 hours. However, the seven-day return was still down 16%.
Recommended for you:
Source link
