The SEC's appeal in the XRP case has been formally filed and registered in the Second Circuit's PACER system. Attorney Phelan announced the news on XRP's website. In its latest appeal to the Second Circuit Court of Appeals, the SEC named Garlinghouse and Larsen.
legal experts, including former SEC lawyer Mark Feigel and #XRP supporter Bill Morgan, believe that the SEC intends to challenge the dismissal of charges against #Ripple executives. This development suggests that the SEC intends to revisit the charges as part of a broader strategy.
Ăn XRP enthusiasts and legal experts have questioned why Garlinghouse and Larsen are back in the spotlight, with some arguing that the SEC's move is part of a broader agenda, while others complain that Garlinghouse is no longer directly involved in the proceedings. As the debate evolves, it's clear that the appeal could expand legal options for XRP holders.
Despite the SEC's appeal, XRP's market performance remains strong. The price rose nearly 2 percent to $0.5337, while trading volumes fell more than 32 percent, indicating growing market confidence. Ripple's on-demand liquidity (ODL) system has also become a topic of discussion, with some questioning its relevance to the charges. However, Bill Morgan clarified that the sale of ODL is not part of the allegations against Mr. Garlinghouse and Mr. Larsen.
Ripple's general counsel Stuart Alderoti suggested that a cross-appeal is possible and that a trial could prove more difficult. In the meantime, the SEC's appeal has sparked a strong, albeit expected, reaction from the crypto community.
In response to this controversy, Ashley Prosper's post X notes three key statements that could appear in a court order dismissing the SEC's appeal as frivolous or disingenuous. We disagree with the SEC, we are not persuaded by it, and the SEC's arguments are unconvincing.
Prosper believes that such strong rebuttals seriously undermine the SEC's cryptocurrency enforcement program.
Is the Ripple case against the SEC moving forward?
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