Eleanor Terrett, a journalist at Fox Business, has noted that a former lawyer from the U.S. Securities and Exchange Commission (SEC) believes the SEC will “probably” appeal Judge Analisa Torres’s ruling from July 2023 in the Ripple vs SEC Lawsuit.
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As the lawyer pointed out, several at the SEC believe that the outcome of Ripple’s programmatic XRP sales is incorrect and must be appealed. The SEC has up to October 7 to file an appeal and this is still a key area to watch as the case progresses.
Ripple Vs SEC Lawsuit: Former US SEC Lawyer Predicts XRP Case
In the report, the former SEC lawyer revealed that there are many in the agency who still hold the view that Judge Torres got it wrong with the Ripple programmatic XRP sales. This notion may push the agency to seek an appeal especially because they argue that the decision is “not good law.” The lawyer’s comments echo the sentiments of other industry insiders who have pointed out that the SEC may well appeal this decision.
Despite the potential for an appeal, the U.S. Securities and Exchange Commission does not dispute the judge’s ruling that XRP itself is not a security. The Ripple vs SEC Lawsuit has garnered significant attention as the SEC’s appeal would likely focus on the classification of programmatic sales and whether they meet the legal standards under the Howey Test, the key criteria for determining investment contracts.
Similarly, another former SEC lawyer, Marc Fagel, noted that an appeal is expected since the filing deadline is near in the Ripple vs SEC Lawsuit.
