Following Ripple’s recent victory against the U.S. Securities and Exchange Commission (SEC), the crypto community has been buzzing with speculations about the regulatory agency’s next steps. Legal expert James “MetaLawMan” Murphy presented four potential options, igniting responses from XRP enthusiasts and experts alike.
How likely it is to reverse Judge Torres’s decision? SEC’s next move?
In a series of posts on the platform X, MetaLawMan suggested that the SEC might consider requesting an interlocutory appeal, proceeding with a trial on the aiding and abetting claim against Ripple executives Brad Garlinghouse and Chris Larsen, or dropping the claim against the executives to file an immediate appeal without seeking permission from Judge Torres and the Second Circuit. The settlement with Ripple was also mentioned as a possible, though improbable, option.
Interestingly, Schwartz, in a recent post on platform X, countered the idea of an immediate appeal by the SEC. He said that Judge Torres’ ruling did not fully resolve the dispute between the parties, especially concerning the aspect of remedies. But it is also true that the parties have yet to argue remedies after the court’s ruling, making an immediate appeal less viable.
With the Ripple CTO dismissing the possibility of an immediate appeal, the SEC may explore any of the other options proposed by MetaLawMan.
What is at Stake? Will the Impact hurt XRP?
Despite the significant parts of the lawsuit ruled upon by Judge Torres, the case is far from over in the Southern District of New York. The judge classified Ripple’s programmatic XRP sales on digital exchanges, amounting to over $720 million, as non-securities. However, she found Ripple’s direct XRP sales to institutional clients, totaling $728.9 million, to be securities.
Notably, the court has yet to rule on the aiding and abetting charges against Ripple’s executives and determine the fine for violating securities law via XRP sales to institutional investors. These unresolved issues will head to trial in due course, and the court is expected to communicate a trial date in the future.
Having said that one expert earlier revealed if XRP goes up by $35 in the near term the $720 million fine will be worthless. A ray of hope for the XRP community.
The XRP community may be rejoicing with the positive sentiments around XRP. But one thing is sure there is a lot to happen in the case and it may impact the token in the long run. What do you think? Tell us.
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