US Securities and Exchange Commission (SEC), Ripple $0.602221 is taking steps to appeal Judge Torres’ summary judgment on XRP in his case. Pro-XRP lawyer John Deaton and other lawyers weighed the SEC’s chances of appealing and the possible consequences.
SEC’s Intent to Object
Recently, the possibility of the SEC filing an appeal has increased. A lawyer who recently left the SEC told Fox Business journalist Eleanor Terrett that the agency will “probably” appeal Judge Analisa Torres’ July 2023 decision.
Legal Criticisms and Expert Opinions
John Deaton, who worked pro-bono on behalf of 75 thousand XRP owners, stated that the judges criticized the SEC regarding its adherence to the law. Deaton added that the SEC, under Gary Gensler’s leadership, could still appeal, but that would be a waste of taxpayer money.
“I do not believe that an appellate court could rule that Judge Torres erred in applying the third criterion. Judge Torres’ decision was based on very specific facts. The SEC did not rely on any expert testimony regarding XRP holders (which was ultimately excluded), but the Judge did.”
Deaton stated that even if Second Circuit Court Judges found that Torres erred in applying the third criterion, the case would go back to Judge Torres. In this case, the SEC will lose again in the Ripple case because the district court will rule that the SEC cannot form a ‘joint venture’.
The Only Way to Win the Case
Fred Rispoli agreed with John Deaton and stated that it would be very difficult for the SEC to change the Torres decision. Rispoli said the SEC’s chances of winning the case will depend on the preferences of three randomly selected judges who will hear the case.
“If the SEC elects 3 pro-SEC judges (Rare but possible), he could win.”
Rispoli and other lawyers expect the SEC to file a last-minute appeal. If the SEC does not appeal the case, it would be a huge win for Ripple and the XRP community, as well as other defendants fighting against the SEC in the Second Circuit Court of Appeals. They may argue that not all secondary sales are investment contracts.
An increasing trend is observed in the price of XRP. XRP, which has increased by 2% in the last 24 hours, is currently trading at $0.602. The low and high levels were recorded at $0.585 and $0.610 respectively. Additionally, trading volume increased by 21% in the last 24 hours, indicating rising investor interest. XRP price analysis predicts a target price of $2.
These developments in the litigation process could have significant impacts on the future of XRP in the cryptocurrency market and the regulatory role of the SEC. Investors and market observers are closely monitoring how court decisions and possible appeal processes will be reflected in the value of crypto assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
