The SEC has submitted paperwork suggesting it may appeal the recent verdict in its action against Ripple.
In filings submitted on Friday, the US Securities and Exchange Commission (SEC) hinted that it will launch an appeal of the court’s judgement involving XRP.
A former SEC official has warned that this might be terrible news for Ripple, while a pro-XRP lawyer has said that this is “not even close” to being the case.
John Deaton, a creator of Crypto Law, tweeted in reaction to a rumour that Ripple would have a setback: “To say that appealing is not a setback is an understatement. If an appeal is filed, the ruling from the 2nd Circuit Court of Appeals would not be released for another two years. Until then, the Torres Decision will be a binding precedent in the 2nd Circuit. Second, even if the 2nd Circuit ruled that Torres erred in her use of the third Howey element (which I highly doubt), that still wouldn’t imply the SEC prevailed with respect to “Programmatic sales” (sales conducted via exchanges).”
“Just to be clear, I am not arguing that Judge Torres’s ruling is final and binding in the SDNY. She can find herself at odds with a fellow District Judge. Judge Torres referenced Judge Castel from Telegram, therefore I believe it will be difficult for a fellow 2nd Circuit judge to disagree with her. Reading the Coinbase transcript confirms that this is already the case,” he said.
Wallets