Ex-SEC Lawyer Reveals SEC’s Potential Appeal Strategy in XRP Lawsuit as XRP Price Sees Volatility
The post Ex-SEC Lawyer Reveals SEC’s Potential Appeal Strategy in XRP Lawsuit as XRP Price Sees Volatility appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ September 26, 2024 12:19 am