XRP Lawsuit News: SEC Appeal Strategy Could Destroy Ripple’s Victory!
The article XRP Lawsuit News: SEC Appeal Strategy Could Destroy Ripple’s Victory! appeared first on Coinpedia Fintech News
SEC Has 11 Days to Appeal XRP Ruling. In a new round of legal wrangling between Ripple and the SEC, former SEC attorney Marc Fagel has revealed the agency’s likely appeal strategy. The SEC may appeal the high-profile XRP lawsuit before the October deadline. Despite a recent court victory for Ripple, the SEC may question the legality of programmatic sales that were not unregistered securities offerings. Let’s look at the details.
BREAKING: Gary Gensler Indirectly Says #XRPisNotASecurity! I Think the SEC Won’t Appeal the Decision
— JackTheRippler © September 2024
Potential Appeal Strategy
In response to the rumors, Fagel noted that if the SEC files an appeal, it will likely target the court’s decision regarding the brokered sales. The appeal will not focus on the $125 million penalty that Ripple was ordered to pay, as Ripple received a stay order for that penalty. Instead, the SEC is more interested in overturning the decision on those sales, as it could have broader implications for future cryptocurrency-related cases.
No. If it does appeal, the SEC will challenge the decision on whether the programmatic (i.e. brokered) sales were unregistered securities offerings. That has nothing to do with the penalty.
— Marc Fagel (@Marc_Fagel) September 25, 2024
Former SEC attorney James Farrell also weighed in, suggesting there is a 75% chance the agency will appeal. .
