After a long-awaited summary judgment in the SEC-Ripple case, there is now speculation within the crypto community about whether the SEC will file an appeal against the decision. Jeremy Hogan, an attorney and loyal member of the XRP community, recently shared his thoughts on the matter.
Hogan emphasized that the timing of the potential appeal is a crucial factor. Generally, appeals are filed after the case is completely finished, which is not the case with the ongoing SEC-Ripple lawsuit. Hogan explained that at this stage, with only the summary judgment announced, the parties would only be able to file an “interlocutory appeal.” Both the SEC and Ripple would have 10 days to file this appeal once the court allows them to do so.
In Hogan’s estimation, Ripple is unlikely to file an appeal against the summary judgment if they can afford to pay the fine and if the ruling regarding the use of the On-Demand Liquidity (ODL) platform does not significantly impact their business. Additionally, Hogan noted, “Plus, Ripple won. And only losers appeal.”
Hogan also discussed the potential scenario for the SEC. He suggested that they may not file an appeal because it would be challenging for them to bring the issue of secondary market sales back to the court, considering how the judge phrased her ruling. The SEC could face difficulty in convincing the court to reexamine this aspect of the case.
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Meanwhile, Ripple’s native cryptocurrency, XRP, continues to experience a rally. Currently trading at $0.74, XRP has seen a 57% increase in value over the week. The XRP community holds high hopes that the coin will reach $1 in the next few days, as Ripple has now received validation from the court.
Overall, the outcome of the summary judgment has sparked speculation about the potential for an appeal from the SEC. It remains to be seen how the situation will unfold and what impact it may have on the future of XRP and the wider crypto industry.
With this recent development, many in the crypto community are closely watching the legal battle between Ripple and the SEC. The case has garnered significant attention, as it has potential implications for the regulation of digital assets in the United States.
The SEC filed a lawsuit against Ripple in December 2020, alleging that the company conducted an unregistered securities offering by selling XRP. Ripple has consistently denied these allegations and maintained that XRP is not a security but rather a digital currency.
The summary judgment delivered a significant blow to the SEC’s case. The judge ruled that the SEC failed to prove that XRP was a security at the time of its sales. This ruling provides a strong defense for Ripple and may have broader implications for the classification of digital assets in the future.
The potential appeal by the SEC raises questions about the agency’s determination to continue pursuing the case. Some argue that pursuing an appeal could further damage the SEC’s reputation and potentially set a precedent for future cases involving cryptocurrencies.
Meanwhile, the XRP community is eagerly watching the price of the cryptocurrency. The recent rally has generated excitement and optimism among holders of XRP. Many see the court’s validation of Ripple as a positive development that could bolster XRP’s market value.
However, it is important to remember that cryptocurrency markets are highly volatile, and there are many factors that can influence their price movements. While the XRP community remains hopeful for further growth, it is uncertain how long the rally will last and whether XRP will indeed reach the $1 mark in the near future.
In conclusion, the recent summary judgment in the SEC-Ripple case has sparked discussions about the possibility of an appeal from the SEC. Jeremy Hogan, an attorney and XRP community member, has offered his insights on the matter, highlighting factors such as timing and the potential motivations of both parties. Meanwhile, Ripple’s XRP has experienced a rally, with the community eagerly anticipating further price increases. The outcome of this legal battle has broader implications for the regulation of digital assets and continues to be closely monitored by the crypto community.
