Recent updates on the potential appeal in the ongoing Ripple vs SEC case have brought to light the agency’s intention to challenge Judge Torres’ ruling on XRP. Pro-XRP attorney John Deaton, along with other legal experts, have assessed the SEC’s likelihood of success in appealing the judgment concerning XRP’s programmatic sales.
The Ripple vs SEC case has sparked discussions on the chances of the Securities and Exchange Commission prevailing in an appeal. Insights from a former SEC lawyer, shared with journalist Eleanor Terrett of Fox Business, suggest that the agency is likely to contest Judge Analisa Torres’ decision from July 2023.
John Deaton, representing 75,000 XRP holders, opined that the SEC has faced criticism for not adhering to legal principles. Despite this, he acknowledged the possibility of the agency, under Gary Gensler’s leadership, pursuing an appeal, a move that he believes would be a wasteful expenditure of taxpayer funds.
Deaton highlighted that even if the Second Circuit Court determines an error in Judge Torres’ application of certain criteria, the case would be remanded back to her. In that scenario, the district court would once again rule against the SEC, citing a failure to establish a ‘common enterprise.’
In a similar vein, lawyer Fred Rispoli echoed Deaton’s sentiments, indicating the uphill battle the SEC faces in overturning Torres’ ruling. Rispoli emphasized that the outcome of the Ripple case hinges significantly on the composition of the three-justice panel selected to hear the appeal.
Amidst speculations of potential outcomes, including the impact on XRP’s price movements, the community awaits the final resolution. The fluctuation in XRP’s price, reaching $0.602 with notable trading volume spikes, reflects the market’s anticipation of developments in this high-profile legal showdown.