Pro-XRP Lawyer Predicts Ripple SEC Appeal in 7 Days
Fred Rispoli, founder of HODL Law and pro-XRP attorney, believes an SEC appeal is more likely than the agency letting the matter go. After the US District Court for the Southern District of New York's final decision on August 7, 2024, the SEC has less than a week to determine whether to contest Ripple's XRP token sales rule. The SEC must appeal the Ripple final verdict by October 7.
Rispoli predicted on X this weekend, âIâm 60/40 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Let it go (no appeal) and âprogrammatic salesâ becomes a one-time loss that only applies to Ripple's secondary sales and an SDNY loss for the SEC. Appealing and having Ripple confirmed is a great gift to all 2nd Cir plaintiffs battling the SEC (NY and SEC's favorite) to claim that secondary sales are not investment contracts.
Rispoli concurred with John Deaton, another major XRP backer, that "The reality of SEC's chances of winning on an appeal though mainly come down to the three randomly selected justices that would hear it." If SEC drew 3 SEC-biased judges (unusual but conceivable), it may win.â
Rispoli said, âItâs both,â when Wides (@Wides71) observed that the decision-making process may reflect deeper prejudices. Judicial prejudice affects legal thinking. I think it's worsened and become more obvious in the past 15 years. Some US regions are still exceptional, but others are coming up fast.â
After FOX Business writer Eleanor Terrett reported that a former SEC lawyer predicted an appeal, Rispoli updated his opinion. As Bitcoinist noted, the lawyer said the SEC believes the court's judgment was fundamentally incorrect and should be disputed.
Another pro-XRP lawyer, Jeremy Hogan, said the SEC should prioritize investor protection and capital generation. âSince they lost, they think the opinion is wrong. The SEC should consider whether an appeal advances investor protection and capital development.
