Ripple’s Potential Unaffected by SEC Appeal
The US Securities and Exchange Commission (SEC) has filed documents indicating its intention to appeal the recent court ruling in its case against Ripple. The decision by Judge Analisa Torres regarding XRP was seen as a setback for the SEC. However, a pro-XRP lawyer, John Deaton, has suggested that an appeal is not necessarily bad news for Ripple. He pointed out that an appeal could take up to two years, during which time Judge Torres’ decision would remain the law in the Second Circuit. Even if the Second Circuit were to rule against Judge Torres, it wouldn’t automatically mean that the SEC would win on the issue of programmatic sales. Deaton believes that Judge Torres could still rule the same way even if the SEC appealed the case. This is because judges within the Second Circuit would be unlikely to disagree with Judge Torres, particularly since she cited a previous ruling by Judge Castel on the Telegram case.
Following the news of the SEC’s intention to appeal, the price of XRP declined. However, the declines were spread across the wider cryptocurrency market and were not specific to XRP alone.
The SEC’s appeal against Judge Torres’ ruling was revealed in documents related to the agency’s case against Terraform Labs and its former CEO Do Kwon. The SEC criticized the judge’s decision and indicated that it may appeal.
Overall, the intention to appeal by the SEC has raised questions about the future outcome of the case against Ripple. While some believe that an appeal could be detrimental to Ripple, others, like John Deaton, argue that it may not necessarily be a setback for the company. The appeal process is expected to take a considerable amount of time before a final decision is reached.
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