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XRP Lawyers Casts Doubt on SEC’s Appeal in Ripple Showdown

DailyCoinDailyCoin2024/08/30 19:19
By:DailyCoin
  • Ripple has triumphed over the SEC in a landmark court battle.
  • The SEC has yet to make its next move, which could shape the case’s future.
  • Experts have debated the likelihood and potential outcome of an SEC appeal.

In a courtroom drama that has gripped the cryptocurrency world for years, the SEC’s relentless pursuit of Ripple has finally reached a dramatic climax. In a landmark ruling, Judge Torres delivered a stunning blow to the regulatory agency, siding with the embattled cryptocurrency giant. 

While the SEC’s initial demand for a staggering $2 billion was significantly reduced, the case is far from over. The industry has erupted in celebration, hailing the decision as a pivotal victory that could signal a shift in the regulatory landscape. Yet, as the dust settles, the question remains: is this truly the end of the SEC’s crusade against Ripple?

Ripple Wins Round One: SEC Appeal Unlikely?

Many within the cryptocurrency industry hailed the decision as a major victory for Ripple, interpreting it as a sign that the SEC’s aggressive stance towards the industry might be softening. 

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Some even speculated that the ruling could signal the end of the legal battle. However, the SEC and Ripple still have the option to appeal the decision. While Ripple’s CEO, Brad Garlinghouse , has expressed respect for the court’s ruling and indicated that the company will pay the fine, the possibility of an appeal remains. 

Pro- XRP lawyer Bill Morgan, who initially believed there was a high chance of an appeal from the SEC, has since lowered his estimate to around 45-55%. He points to recent developments in other SEC cases involving the cryptocurrency industry as evidence that the regulator may be more likely to accept the ruling. 

I was 80-20% for an appeal. Now down to 55-45% for an appeal

— bill morgan (@Belisarius2020) August 28, 2024

Morgan argues that the SEC’s decision to appeal would be difficult to justify given the favorable comments from other judges on Judge Torres’ reasoning in the Ripple case. He also emphasizes that the case is narrowly confined to its own facts, making it less likely that the SEC would find grounds for an appeal. 

Legal Experts Weigh in on Ripple Appeal Chances

If the case does proceed to the Court of Appeal, some legal experts believe that the SEC could have a stronger chance of overturning the lower court’s ruling. Dennis Kelleher, a former Senior Senate Staffer, has expressed confidence in the SEC’s ability to win on appeal, citing what he sees as a fundamental error in Judge Torres’ legal analysis.

Ripple’s top lawyer, Stuart Alderoty, maintains that the SEC’s chances of securing a decisive victory in an appeal are slim, pointing to the low reversal rate in such cases. As the legal battle continues, the cryptocurrency community will be closely watching to see if the SEC will choose to appeal the ruling and potentially prolong the uncertainty surrounding Ripple’s future.

On the Flipside

  • Despite reducing the fine, the SEC still asserts that Ripple’s XRP sales were an unregistered securities offering.
  • Despite Ripple’s favorable outcome, the SEC can challenge the decision in a higher court.
  • Even if the SEC loses the appeal, it could still pursue enforcement actions against other cryptocurrency projects.

Why This Matters

This ruling represents a critical moment in the ongoing struggle between regulators and the cryptocurrency industry, potentially setting a precedent for how future cases will be judged. The decision may influence the SEC’s approach to crypto regulation, impacting the broader market’s legal landscape.

Curious about the chances of the SEC challenging Ripple’s courtroom win? Get a detailed breakdown of the odds here:
Will the SEC Appeal Ripple’s Victory? Breaking Down the Odds

Discover how Ripple’s strategic bank partnerships could be the catalyst for XRP’s next big surge. Read more here:
XRP Set for a Surge? Ripple’s Major Bank Deals Hold the Key

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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