The recent court ruling in the Ripple vs. SEC case has brought the long-standing legal battle to a close, but the door remains open for potential appeals.
Judge Analisa Torres imposed a $125 million civil penalty on Ripple, significantly lower than the $2 billion sought by the SEC. This decision has sparked mixed reactions from pro-XRP lawyers regarding the likelihood of an appeal.
Ripple’s Reaction: A Positive Outlook
Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, expressed satisfaction with the ruling, highlighting the substantial reduction in the penalty and the clarity it brings for the company’s future operations.
Garlinghouse stated that the court’s decision recognizes that the SEC had overplayed their hand, and Ripple respects the ruling. Alderoty emphasized that the court rejected the SEC’s suggestion that Ripple acted recklessly and noted that the case did not involve any allegations of fraud or intentional wrongdoing.
However, not all pro-XRP lawyers share this sentiment. James “MetaLawMan” Murphy and Bill Morgan believe both parties will likely appeal the decision. Murphy stated that the SEC might appeal due to the significant reduction in the penalty, while Morgan agreed, citing the SEC’s history of appealing unfavorable decisions.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The SEC’s Next Steps: Uncertainty Reigns
The SEC’s silence on the matter has fueled speculation about their next steps. Tony Edward, host of the Thinking Crypto podcast, suggests that political pressures and the loss of narrative may influence the SEC’s decision to appeal.
Edward noted that SEC Chair Gary Gensler has lost the narrative, and his lies and political agenda are being exposed. Additionally, Gensler faces political pressure from Democrats and Republicans, which might impact the SEC’s decision.
Implications for Ripple’s Operations
The ruling has significant implications for Ripple’s operations, particularly concerning international sales and regulatory exemptions for domestic sales. Pro-XRP lawyer Jeremy Hogan outlined factors that mitigate the injunction’s impact on Ripple’s operations, including the ability to sell XRP to institutions under exemptions to registration. Hogan noted that Ripple can continue to use its ODL product, but must be careful how it does so.
The 60-day window for filing an appeal adds uncertainty to the situation, with the deadline falling just before the US elections. The SEC’s next steps will be crucial in determining the future of the case. If an appeal is filed, it could lead to further legal battles and a prolonged resolution.
In conclusion, while the district court proceedings have ended, the Ripple vs. SEC case may continue to unfold in higher courts. The mixed reactions from pro-XRP lawyers and the SEC’s silence have created uncertainty, leaving room for speculation about potential appeals and their implications for the crypto industry.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News