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Cryptocurrency News Articles
SEC vs Ripple: Will the SEC Appeal the Court's July 2023 Ruling?
Sep 27, 2024 at 03:51 pm
The longest Lawsuit in crypto space, SEC vs Ripple is not getting closed if the SEC makes an appeal in the next 10 days
The SEC has 10 days to appeal Judge Torres’ July 2023 ruling that not all sales of XRP were securities. If the SEC does not appeal, the court will enter final judgment and the case will be closed. However, if the SEC does appeal, the case will continue and could take several more years to resolve.
The community is speculating on whether or not the SEC will appeal, with some speculating that the SEC will wait until the last minute to file an appeal. This would extend the case into 2025, and the U.S. will be holding presidential elections in November.
According to Fox Business journalist Eleanor Terrett, a former SEC lawyer told her that the SEC “will probably” appeal Judge Torres' July 2023 ruling concerning the XRP programmatic sales, partly because everyone at the SEC “truly believes that the decision is…wrong and will be overturned on appeal.”
Journalist Eleanor Terrett shared some info on the SEC vs Ripple case from her X account. A former SEC lawyer told her the SEC might appeal Judge Torres’ July 2023 ruling.
Bill Morgan, a lawyer, posted on his X account that he believes there are 60% chances of the SEC filing an appeal on the programmatic sales part of the decision. He also mentioned that he does not think they will appeal on the penalty part. The court, in its last hearing of the SEC vs Ripple case, put a civil penalty of $125 million. The SEC wanted the penalty to be $2 billion, whereas Ripple requested it should be barred at $10 million.
Some speculate that the SEC is trying to score a last-minute win during the current administration, which may give them more leeway to take further action against Ripple. However, if a new administration takes over, we may see significant changes within the Commission.
For example, Donald Trump has repeatedly stated that he wants to make America the crypto capital and that he will fire Gary Gensler for mistreating innovation. If this were to happen, the string of SEC vs crypto cases may finally come to an end. To find out whether the SEC will appeal and to learn who will occupy the Oval Office, we must wait ten days and two months, respectively. In the meantime, XRP has recently expanded its payment services in South Korea.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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