- SEC could appeal the decision by Judge Torres on Ripple’s XRP programmatic sales by October 7.
- Former SEC lawyer points to an insider notion that the decision is wrong and should be reversed deep within SEC’s ranks.
- Such potential appeal could keep legal going on longer in Ripple and the cryptocurrency market as a whole, which will have repercussions in the realm of regulation.
The case between Ripple Labs and the SEC is ongoing, with expectations for an appeal. A former SEC lawyer suggests the agency may appeal against Judge Analisa Torres’ July 2023 judgment for Ripple’s XRP sales before the October 7 deadline. Many believe the decision is unlawful and should be reversed.
Torres ruled that Ripple’s institutional sales of XRP violated securities laws, but its programmatic sale to retail investors did not. The case could potentially escalate, as the SEC is considering the next course of action.
SEC’s Potential Appeal and Its Relevance
That is why the former SEC attorney said that the commission firmly believes that the legal foundation for Judge Torres’ decision is wrong. If the SEC decides to pursue an appeal the matter will be taken to the Second Circuit Court of Appeals where the SEC will further try and argue about the ruling related to XRP in retail markets. The lawyer said that the people at the SEC really believe that the decision is incorrect, that it is not good law, and that it must be appealed.
An appeal would add another level of the unknown for Ripple and the cryptocurrency market as a whole. And if the case is heard in a higher court it could still be stretched and take many months or even years before a verdict is returned. The result could also have practical implications for the ongoing debate on whether cryptocurrencies will be recognized either as commodities or securities under U.S. securities laws in the future.
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What Could Happen Next?
Some people are now waiting for the official response of the SEC to determine whether it will seek an appeal or accept the ruling made by Judge Torres by the October 7 deadline. If the decision is appealed, the case will probably remain one of the most closely followed legal cases in the cryptocurrency industry. On the other hand, if the SEC does not appeal then Ripple’s partial win could prompt similar proceedings to be conducted in the other ongoing cases regarding digital assets.
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