SEC May Reconsider Charges Against Ripple Execs if Appeal Succeeds
In the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), there is a new development. Pro-XRP lawyer Fred Rispoli suggests that if Ripple succeeds in their appeal, the SEC may refile charges against Ripple executives.
Rispoli’s argument stems from the SEC’s dissatisfaction with the ruling made by U.S. District Judge Analisa Torres on July 13. The judge declared that Ripple’s programmatic sales and other XRP distributions did not meet the SEC’s definition of investment contracts.
If Ripple manages to reverse this decision, Rispoli speculates that the SEC could potentially bring back charges against Ripple’s leaders.
No Official Confirmation Regarding the Appeal From the SEC
It is important to note that the SEC has not officially filed an appeal yet. However, there is widespread belief that an appeal may be forthcoming.
After the July 13 ruling, the SEC wanted to appeal immediately, but they were instructed to wait for a final decision before proceeding with any appeal.
By dropping charges against Ripple’s leaders, the SEC has positioned itself closer to filing an appeal if it chooses to do so. The next phase of the case will determine how much money Ripple must pay for selling approximately $770 million worth of XRP to major investors.
Despite these legal battles, XRP has experienced significant gains, with its price rising to $0.587. This increase was partly driven by Ripple’s partnership with Uphold, which aims to facilitate faster cross-border payments and address liquidity concerns.
Hot Take: Potential Ripple Executives’ Legal Battle Continues
The ongoing legal showdown between Ripple and the SEC takes an interesting turn as Pro-XRP lawyer Fred Rispoli suggests that the SEC may refile charges against Ripple executives if the appeal is successful. This possibility arises from the SEC’s dissatisfaction with the previous ruling, which stated that Ripple’s sales and XRP distributions did not meet the criteria for investment contracts. While there is no official confirmation regarding the appeal, dropping charges against Ripple’s leaders brings the SEC closer to pursuing an appeal. Amidst these legal proceedings, XRP experiences significant price gains, boosted by Ripple’s partnership with Uphold.
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