Former SEC Chief Admits SEC May Lose Should It Appeal XRP Ruling

1. John Reed Stark admits the SEC “can certainly” lose an appeal case.
2. Stark showed an example from 3 months ago wherein SEC was handed a loss by the Supreme Court.
3. Talks about the SEC filing an appeal circulated after it filed a document in its lawsuit against Terraform Labs.

Talks about the Securities and Exchange Commission (SEC) filing an appeal case regarding the recent XRP ruling continue to circulate in various communities today. One of the latest to comment is John Reed Stark, who says that the SEC “can certainly” lose an appeal if it attempts one.

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Stark, former Chief of the SEC’s Office of Internet Enforcement, weighed in on the possibility of the SEC filing an appeal to overturn Judge Analisa Torres’ decision that XRP is not a security. 

According to Stark, SEC appeals are indeed rare and it can lose the case. He then proceeded to cite a case from 3 months ago where the US Supreme Court handed a loss to the SEC.

However, Stark believes that the SEC only aims to “do the right thing for investors,” a sentiment many in the crypto space don’t share.

He said:

“SEC Appeals are certainly rare and the SEC certainly can lose them. But SEC appeals are not about “confirmation bias” or “saving face,” SEC appeals — even when I fiercely disagree with them — are about trying to do the right thing for investors.”

Stark’s statements about the SEC losing its appeal case coincide with what other pro-Ripple lawyers are saying. For example, John Deaton maintain Judge Torres would definitely exclude XRP as a security by simply applying the Howey test.

Rumors about the SEC filing an appeal regarding the recent court ruling in its lawsuit against Ripple circulated when the securities regulator filed a document for its lawsuit against Terraform Labs. According to the document, the SEC wants the judge to ignore some parts of the XRP ruling as it is seeking the possibility of filing an appeal case.

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• Crypto Lawyer Says SEC Will Lose Appeal on Ripple Case Amid Latest Filing
• Terraform Labs Co-Founder Arrested for Fraud in Montenegro, Appeals 30-Day Detention
• SEC’s Appeal Against Judge Torres Ruling on XRP Likely to Face Uphill Battle