tl;dr
The US Securities and Exchange Commission (SEC) has filed a notice of appeal in the Ripple lawsuit, contesting the retail sales of XRP. This move comes after Judge Analisa Torres' ruling in July 2023, which fined Ripple $125 million for selling XRP to institutional investors. The appeal is expected ...
US SEC Files Notice of Appeal in Ripple Lawsuit
The United States Securities and Exchange Commission (SEC) has filed a notice of appeal to contest the retail sales of XRP in the Ripple lawsuit, following Judge Analisa Torres' ruling in July 2023, which fined Ripple $125 million for selling XRP to institutional investors.
The appeal is expected to extend the case as it will be reviewed by the US Court of Appeals for the Second Circuit. Industry experts are divided on the potential success of the SEC's appeal, with various perspectives on the outcome.
US SEC Appeals: What's Next for Ripple Labs
The appeal, filed just before the October 7 deadline, comes after speculation about the SEC's next move following the hefty fine imposed on Ripple in August. This move is likely to prolong the legal proceedings and bring further scrutiny to the case.
Former lawyers and industry experts have expressed differing opinions on the potential outcome of the SEC's appeal, with some believing it could lead to a reevaluation of evidence without considering Judge Torres's findings.
Lawyers Discuss Potential for Success Post-Appeal
Pro-XRP lawyer John Deaton believes the SEC will lose if it appeals the Ripple lawsuit, stating that the appellate court may rule that the SEC did not establish a "common enterprise," a key aspect of the Howey Test. On the other hand, ex-SEC lawyer Marc Fagel doubts the SEC has enough evidence to prove Ripple's promotional materials were presented to buyers.
These differing viewpoints indicate the complexity and uncertainty surrounding the potential outcomes post-appeal.
By Godfrey Benjamin
4 hours ago, Updated 3 hours ago
Disclaimer: The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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