In an August 8 interview, pro-cryptocurrency lawyer James ‘Metaroman’ Murphy predicted that the SEC could target two important rulings:
Disgorgement Decision – In a final judgment, Judge Annalisa Torres partially granted the SEC’s request for a civil penalty ordering XRP to pay $125 million. However, Judge Torres rejected the SEC’s $1.1 billion disgorgement request. Murphy previously believed the disgorgement portion of the final ruling would be a blow to the SEC. XRP Programmatic Sales Ruling – In July 2023, Judge Torres ruled that XRP programmatic sales did not meet Step 3 of the Howie test. The SEC filed an interlocutory complaint in August 2023 challenging this ruling. However, Judge Torres denied the motion in October 2023, forcing the SEC to wait for a final ruling before appealing.
A former SEC attorney recently highlighted the SEC’s position on the programmatic sales ruling, saying:
“The SEC will ‘probably’ appeal Judge Torres’ July 2023 ruling on XRP programmatic sales in the Ripple case, for one reason: ‘There[the SEC’s]We all believe in our hearts that this decision is wrong, not good law, and should be appealed.”
If the appeal is successful, it could have far-reaching implications for other ongoing cases involving Coinbase (COIN), Binance, and Kraken.
SEC and Ripple filings in focus
Commenting on the SEC’s next move in the appeals process, FOX Business journalist Eleanor Terret said:
“The SEC has not yet filed a Form C with the Second Circuit, which will detail what exactly it is alleging. They must do so immediately. Ripple also has 14 days from today to file a cross-appeal if they wish.
