- The XRP lawsuit continues to draw significant attention from investors and the crypto community.
- Former SEC attorney Marc Fagel has provided insights into the potential appeal strategy of the SEC.
- Fagel suggests that the appeal will primarily focus on challenging the legality of programmatic sales.
Will the US SEC Appeal the XRP Case? Insights from Legal Experts
Understanding the SEC’s Potential Appeal Strategy
The XRP lawsuit remains one of the most closely followed legal battles in the cryptocurrency industry. Recently, the court ordered Ripple to pay a $125 million penalty, marking a significant development in the prolonged litigation. However, Ripple has managed to secure a stay on the penalty payment, adding another twist to the case.
As the October deadline approaches, speculation is rife about the SEC possibly appealing the ruling. Marc Fagel, a former SEC lawyer, believes that if the agency decides to appeal, it will challenge the court’s decision that programmatic sales, or sales through intermediaries, were not unregistered securities offerings.
The Focus of the Appeal
According to Fagel, the SEC’s appeal would not center on the penalty amount but rather on the legal nuances of programmatic sales. Fagel clarified this point during a recent X discussion, emphasizing that the appeal would aim to change the ruling related to the sales’ legality.
James Farrell, another former SEC lawyer, places the likelihood of an appeal at 75%, noting that not appealing could weaken the SEC’s stance in future crypto-related litigations.
XRP Price Fluctuations Amid Legal Developments
The ongoing legal proceedings have also affected XRP’s market performance. The cryptocurrency has experienced substantial volatility, reflecting investor uncertainty. Currently trading at $0.5834, XRP has seen a 1.4% decline, with a trading volume drop of 2% to $992.51 million in the last 24 hours. Despite these figures, XRP hit a high of $0.5949 within the same period, highlighting its volatile nature.
Ripple’s Stance and Market Reactions
Ripple’s leadership, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, have stated that the case is over, dismissing any claims of a potential SEC appeal. This has sparked widespread discussions in the market. Nevertheless, as the October 7 deadline nears, some experts forecast a last-minute appeal from the SEC, which could extend the legal battle and impact XRP’s future market viability.
Conclusion
In summary, the XRP lawsuit continues to be a focal point in the cryptocurrency legal landscape. With speculations about a potential SEC appeal, the case might see further developments that could significantly affect XRP’s market position. As investors and market participants keep a close watch, it remains to be seen how the legal complexities will unfold in the coming weeks.
