Lawyer Discusses SEC Appeal of Ripple Ruling
In a recent ruling on the SEC v. Ripple case, there is speculation that the SEC might appeal the decision made by District Judge Analisa Torres. Lawyer John E. Deaton provides his analysis and insights on the potential outcomes of the appeal. Here are the key points:
- An appeal is not a setback for XRP.
- The decision will take two years from now if it’s appealed.
- If the 2nd Circuit disagrees with Torres on the application of the 3rd Howey factor, it doesn’t mean the SEC wins on programmatic sales.
- Torres could still rule the same way by applying the other two factors and concluding that the SEC didn’t satisfy the common enterprise factor.
- Judge Torres’ decision is not binding, but a fellow judge in the 2nd Circuit is unlikely to disagree with her.
According to Deaton, an appeal is not guaranteed, and Judge Torres is unlikely to approve it. The SEC has expressed its disappointment in the ruling and is considering filing an appeal. SEC Chairman Gary Gensler has called for more funding to address the risks in the crypto market.
Hot Take
The potential appeal by the SEC does not necessarily indicate a setback for XRP. The timeline for a decision is long, and even if the 2nd Circuit disagrees with Torres on one factor, it does not guarantee a win for the SEC. It remains to be seen how the case will unfold, but the outcome of the appeal will have significant implications for the crypto market.
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