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Ripple sees lower SEC appeal chance after recent developments

Ripple sees lower SEC appeal chance after recent developments

GrafaGrafa2024/08/30 06:05
By:Liezl Gambe

Ripple's (CRYPTO:XRP) ongoing legal battle with the US Securities and Exchange Commission (SEC) took a significant turn when Judge Torres ruled in early August that Ripple must pay a $125 million fine for violating securities laws.

This was a notable reduction from the SEC's initial demand of $2 billion.

While many viewed this outcome as a win for Ripple, the case remains unresolved, as both parties have until early October to appeal the decision.

Ripple is unlikely to challenge the ruling, given the substantial reduction in the penalty.

CEO Brad Garlinghouse expressed respect for the court's decision, and Chief Legal Officer Stuart Alderoty confirmed that Ripple will cover the fine from its cash reserves.

Pro-XRP lawyer Bill Morgan initially believed there was an 80% chance the SEC would appeal the decision.

However, he has since adjusted his estimate to a 45%-55% likelihood after observing recent developments in other SEC-related legal cases in the crypto industry.

Morgan noted that comments from Judges Orrick and Jackson in the Kraken and Binance cases, respectively, have favored Judge Torres' approach in the Ripple case, unlike Judge Rakoff's stance in the Terraform case.

Morgan pointed out that Judge Orrick praised Judge Torres' decision for its careful consideration of the facts, suggesting it is unlikely to be overturned on appeal.

He argued that the SEC may avoid appealing the Ripple case as it is narrowly focused on specific facts, unless other non-legal factors influence the decision.

However, former Senior Senate Staffer Dennis Kelleher offers a different perspective.

He argues that the SEC has a strong chance of winning an appeal, claiming that Judge Torres' ruling misinterpreted longstanding securities laws.

Ripple’s Chief Legal Officer Alderoty, on the other hand, remains confident, stating that the Court of Appeal rarely reverses initial rulings, with less than 10% of cases being overturned.

As the October deadline approaches, the crypto community is watching closely to see if the SEC will pursue an appeal, which could significantly impact the broader regulatory landscape for digital assets.

At the time of writing, the XRP price was $0.5629.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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