Jeremy Hogan Predicts No Clear SEC Win in Ripple Case Appeal

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Ex-SEC Reveals Agency’s Appeal Strategy As Deadline Nears – Crypto News

Published

1 year ago

September 26, 2024

Dripp

The XRP lawsuit has been on the investors’ radar lately, with the long-continued battle concluding in August. However, the latest developments hint at a potential appeal by the US SEC in the case, which could further start another phase in the Ripple case. Amid this, ex-SEC lawyer has shared insights on the potential appeal strategy of the agency, if it plans to move ahead with such plans.

US SEC’s Potential Appeal Strategy In XRP Lawsuit

The XRP lawsuit has been one of the closely watched legal battles in the crypto space. Meanwhile, last month, Judge Torres ordered Ripple to pay a penalty of $125 million, concluding the long battle. However, the blockchain firm has received a stay order from the court for its penalty payment.

Now, with the October deadline approaching, speculations are soaring over a potential US SEC appeal in the case. According to ex-SEC lawyer Marc Fagel, the agency’s appeal strategy will likely focus on challenging the ruling that programmatic sales, i.e. sales made through intermediaries were not unregistered securities offerings.

In response to a recent X discussion, Fagel clarified that the appeal wouldn’t revolve around penalties but rather the legality of these sales. He emphasized that if the SEC does proceed, it will aim to overturn this part of the ruling.

The likelihood of an appeal has been a hot topic. Another ex-SEC lawyer James Farrell suggests a 75% chance of the agency moving forward with an appeal in the Ripple Vs. SEC lawsuit. Meanwhile, the lawyers have argued that anything less than an appeal could weaken the agency’s position in future crypto-related cases.

XRP Price Sees Volatility Despite Ripple Defying Appeal Claims

XRP price has noted highly volatile trading lately, while currently trading at $0.5834, down 1.4%. Its trading volume also slumped 2% in the last 24 hours to $992.51 million. Notably, the crypto has touched a high of $0.5949 in the last 24 hours, reflecting the volatile picture.

However, talking about the XRP lawsuit, Ripple CEO Brad Garlinghouse, and CLO Stuart Alderoty said that the case is over. In addition, they also denied claims of any potential appeal, which have sparked discussions in the market.

Meanwhile, with the October 7 deadline fast approaching, some experts believe the SEC may still file a last-minute appeal. Notably, a potential appeal could prolong the case and affect the future of XRP in the market, while many expect a cross-appeal by Ripple if the agency moves ahead with its plan.