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The ongoing case between Ripple 
$2 and the U.S. Securities and Exchange Commission (SEC) is gaining more attention as the deadline for a potential appeal approaches. The cryptocurrency community anticipates a last-minute appeal from the SEC in the XRP case, which could prolong the legal struggle surrounding crypto assets.
SEC May Have an Advantage
According to FOX Business reporter Eleanor Terrett’s recent post, the SEC might have a valid argument. Former SEC employees believe that the agency is at an advantage, as they think there was a mistake in the ruling regarding XRP’s programmed token sales. Former SEC attorney Marc Fagel expressed concerns about Judge Torres’ decision in July 2023 regarding the Ripple/SEC case.
“We think the ruling could be flawed, but the risk of an unsuccessful appeal is causing the agency to hesitate.”
Fagel noted that the SEC’s appeal reflects its concerns and highlights potential errors in the ruling. Specifically, the agency’s inability to provide sufficient evidence that Ripple presented promotional materials to buyers weakens its position in the case.
The judge stated that due to the lack of established connections, the SEC could not prove that buyers were in a ‘reasonable expectation of profit’ based on Ripple’s efforts.
Traders Closely Monitor XRP Prices
Another former SEC attorney, James Farrell, emphasized that the SEC holds significant advantages during the litigation process. Farrell pointed out that the appellate court operates under a ‘de novo’ standard of review, meaning it can reassess evidence without considering Judge Torres’ findings.
“This new review process could allow the agency to present previously excluded testimony again. This is an advantage for the SEC.”
The new assessment could enable the SEC to gain a crucial advantage in the judiciary process, opening doors for significant leverage in the case. Therefore, the likelihood of a favorable outcome for the agency in the appellate court process is not negligible.
Ripple’s CEO Brad Garlinghouse and CLO Stuart Alderoty claim the “XRP case is over” and state that the agency may not file for an appeal. Nonetheless, segments of the crypto community expect the SEC to pursue a last-minute appeal, which could further prolong the case.
During this process, traders are keenly tracking XRP prices to gauge market sentiment. As October 7 approaches, fluctuations in XRP prices may provide hints regarding the case’s trajectory.
In conclusion, the lawsuit between Ripple and the SEC continues to have significant impacts on cryptocurrency markets. The SEC’s potential appeal could alter the course of the case and affect XRP prices. Traders remain vigilant as they monitor upcoming developments.
