The latest updates on a potential appeal in the Ripple vs SEC legal battle have shed light on the SEC’s intention to challenge Judge Torres’ decision regarding XRP. Prominent XRP advocate John Deaton, along with several other legal experts, assessed the likelihood of the SEC succeeding in its appeal related to XRP programmatic sales.
A surge in speculation surrounds a probable appeal submission by the U.S. Securities and Exchange Commission (SEC) in the wake of recent developments. A former SEC attorney who spoke to journalist Eleanor Terrett indicated that the agency is likely to contest Judge Analisa Torres’ ruling from July 2023 in the ongoing Ripple vs SEC case.
John Deaton, renowned for representing 75,000 XRP holders pro bono, pointed out instances where judges have criticized the SEC for not adhering faithfully to the law. Despite this, he expressed concerns that under Gary Gensler’s leadership, the SEC may still pursue an appeal, ultimately squandering taxpayer resources.
While Deaton expressed skepticism about an appellate court overturning Judge Torres’ decision, he suggested that if such an outcome occurred, the case would return to her jurisdiction. In this scenario, the district court is anticipated to rule against the SEC again, asserting that the agency did not establish a ‘common enterprise.’
In a similar vein, lawyer Fred Rispoli aligned with Deaton’s viewpoint, underscoring the challenge the SEC would encounter in overturning Torres’ ruling. Rispoli emphasized that the SEC’s prospects of prevailing in the Ripple case hinge significantly on the composition of the three judges randomly assigned to the case.
The potential for the SEC to garner a favorable outcome, as noted by Rispoli and fellow legal practitioners such as Bill Morgan and Jeremy Hogan, lies in a speculative last-minute filing of an appeal by the SEC. The decision by the SEC not to pursue such an appeal could signify a substantial victory for Ripple, the XRP community, and other litigants contesting SEC actions in the 2nd Circuit court, underlining the argument that all secondary sales are not defined as investment contracts.
Anticipating a positive response in the market, XRP has seen a 2% uptick in value over the last 24 hours, presently trading at $0.602. With the trading volume witnessing a 21% increase within the same timeframe, there is a notable rise in trader interest. Analysts foresee an optimistic price target of $2 for XRP in the near future.
This coverage originally appeared on CoinGape under the title “Ripple Vs SEC Case: US SEC’s Only Chance of Winning Appeal In XRP Lawsuit.”