SEC Could Potentially Appeal Court’s Ruling
In a recent interview, former SEC Chair Jay Clayton suggested that the Commission could appeal the court’s ruling in the case against Ripple. Clayton mentioned that the appellate court might reach a different conclusion regarding programmatic sales as securities.
The XRP community is taking these remarks seriously, considering Clayton’s involvement in the SEC’s case against Ripple. It is evident that he still holds some interest in this ongoing battle.
Clayton also expressed curiosity about the court’s ruling on institutional sales during an appeal. This statement indicates that Ripple might consider appealing Judge Torres’ decision regarding institutional sales as securities transactions.
Clayton believes that such sales fall under securities regulations and that the SEC has jurisdiction over them. He emphasized that the Commission continues to regulate capital raising from the general public.
The SEC Unlikely to Succeed in an Appeal
Legal expert Bill Morgan suggests that if the SEC appeals Judge Torres’ ruling on programmatic sales, they are likely to lose. The judge based her reasoning on the specific facts of each category of sales, which the SEC admitted were different.
Judge Torres’ careful analysis separated the XRP token from Ripple’s sale of it. This separation makes it challenging for the SEC to successfully appeal, as determining whether a transaction qualifies as a security depends on specific facts.
Ripple’s only viable ground for appeal relates to ODL contracts, as Judge Torres did not separate them from institutional sales. Ripple may need to appeal this decision to clarify whether ODL transactions should be considered securities.
Hot Take: SEC’s Battle with Ripple Continues
Former SEC Chair Jay Clayton’s recent comments suggest that the case between the SEC and Ripple is far from over. The SEC could potentially appeal the court’s ruling, and Ripple may also consider appealing certain aspects of the decision. The XRP community is closely following these developments, as Clayton’s involvement in initiating the SEC’s case against Ripple raises questions about his ongoing interest. Legal experts believe that the SEC is unlikely to succeed in an appeal, given the judge’s careful analysis and separation of the XRP token from Ripple’s sales. This ongoing legal battle will determine whether ODL transactions should be considered securities.
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