Ripple News : Will the SEC File Last-Minute Appeal?
The post Ripple News : Will the SEC File Last-Minute Appeal? appeared first on Coinpedia Fintech News
The longest Lawsuit in crypto space, SEC vs Ripple is not getting closed if the SEC makes an appeal in the next 10 days. The court in its July 2023 ruling has declared that not all sales of XRP were securities. Ripple will have to pay a fine of $125 million for institutional sales, however the sword is still hanging over Ripple as the SEC might appeal against the court ruling.
Speculations Surrounding SEC’s Appeal Deadline
As the deadline for the SEC to appeal against Judge Torres’s 2023 ruling approaches near, the market is flooding with speculations. The deadline ends on October 7. A large group of the community thinks the SEC is not going to appeal and extend this case. However, not everyone is in the same boat. Let’s explore who are the people who think the SEC will file an appeal and why they think this way.
The community is making various types of speculations. Some people on social media were in favor that the SEC will wait for the last moment of the deadline to file an appeal. This way the case will be extended to 2025. Meanwhile, in November, the U.S is having presidential elections.
Insights from Legal Experts
The Fox Business journalist shared some information regarding the SEC vs Ripple case from her X account. She shared that a former SEC lawyer has told her that the SEC might appeal against Judge Torres’s July 2023 ruling. The judge has ruled out that the programmatic sales of Ripple’s XRP token were not securities.
NEW: A former @SECGov lawyer who recently left the agency tells me the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the $XRP programmatic sales in the @Ripple case partly because: “everyone over there [at the SEC] truly believes that the decision is…
— Eleanor Terrett (@EleanorTerrett) September 26, 2024
Bill Morgan, a lawyer, posted on his X account that he believes there are 60% chances of the SEC filing an appeal on the programmatic sales part of the decision. He also mentioned that he does not think they will appeal on the penalty part. The court in its last hearing of the SEC vs Ripple case has put a civil penalty of $125 million. The SEC wanted the penalty to be $2 billion however, Ripple requested it should be barred at $10 million.
Political Factors Influencing the SEC’s Decision
The SEC might be trying to score a chance in the speculation of the current administration win. Then they will have power to take further actions against Ripple. However, if a new administration comes to power, we might see huge changes in the Commission.
Donald Trump has declared multiple times that he wants to make America the center hub of crypto and that he will fire Gary Gensler for ill treatment of the innovation. And if that happens, the series of SEC vs Crypto might see an end. We just have to wait for another 10 days to see if the SEC appeals or not and another 2 months to see who will run the oval office. Amidst this chaos, XRP recently expanded payment services in South Korea.