Another High-Stakes XRP Legal Battle About To Unfold As SEC Likely To Appeal Historic 2023 Judgement ⋆ ZyCrypto
The post Another High-Stakes XRP Legal Battle About To Unfold As SEC Likely To Appeal Historic 2023 Judgement ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     The Ripple-SEC legal saga took the cryptosphere by storm, with the court ruling last month sparking further speculations and debate. Ripple was ordered to shell out $125 million for breaking securities laws in institutional sale transactions. As the dust settles, a former attorney at the Securities and Exchange Commission has predicted that the agency is likely to challenge certain aspects of the case, setting the stage for yet another lengthy legal fight. SEC Believes XRP Ruling Was Wrong Given that the U.S. Securities and Exchange Commission (SEC) previously tried and failed to file an appeal in the Ripple lawsuit before Judge Torres’ final judgment in August, speculation is rife on whether the Wall Street regulator might likely again attempt to appeal the ruling, including the issue of XRP secondary sales. In a Sept. 27 post, Fox Business reporter Eleanor Terrett revealed that a lawyer who recently left the SEC thinks the agency will “probably” lodge an appeal. The potential appeal would be centered around the landmark ruling in July 2023, where Judge Analisa Torres declared that XRP was not a security but only when sold to retail investors. At the same time, Torres found that XRP was still a security when sold to institutional investors. The unnamed lawyer revealed that “everyone” at the Commission is convinced that the Torres’ decision was wrong. Advertisement   “Everyone over there [at the SEC] truly believes that the decision is wrong, that it’s not good law, and should be appealed.” It is worth noting that the agency has until Oct. 7 to appeal. Ripple’s legal head, Stuart Alderoty, earlier stated that he would not be surprised by an SEC appeal. However, he is certain that the cross-border token’s legal status will not be impacted as this is “the law of the land.” An…
Filed under: News - @ September 27, 2024 6:18 pm