The post Ripple vs. SEC Update: Former SEC Expert Analyzes Ripple’s Appeal Chances appeared first on Coinpedia Fintech News
In Ripple vs. SEC, the SEC submitted a memorandum to delay the lawsuit to conserve resources. Ripple argues that XRP’s legal facts are undisputed, but the SEC claims it’s raising legal concerns. XRP’s price is unpredictable due to the case’s conclusion, but positive Ripple and SEC filings could trigger technical signs. There is growing criticism of the SEC’s actions in the case and calls for clear crypto regulations in the US.
According to a former SEC officer, the SEC’s request can only be granted if certain appeal standards are met, but right now it seems the opposite.
Former SEC Official is Bearish on SEC’s Interlocutory Appeal?
So far SEC has got a beating in court and that makes everyone think of reverse possibilities in the case. The case is still in Ripple’s favour, on this an XRP enthusiast asked Fagel about his stance on the likelihood of the SEC’s appeal being granted. The user was particularly interested in understanding how conflicting rulings and novel legal territories might impact the approval of the SEC’s interlocutory appeal.
In response, Fagel acknowledged the difficulty of meeting the exact criteria for an interlocutory appeal. He emphasized that, as things stand, the SEC’s chances of securing the appeal seem unlikely, unless the court takes into account the two factors mentioned by the user.
Factors at Play Behind SEC’s Appeal Request?
According to Fagel, the SEC’s request for an interlocutory appeal in the Ripple case is met with uncertainty. While the SEC argues that complex legal issues have arisen from the court’s judgment on Ripple’s XRP sales, it contradicts the court’s determination that XRP isn’t a security.
However, this dispute has also been echoed in a separate case, SEC v. Terra, where a judge disagreed with the Ripple case’s reasoning. Judge Torres has not yet decided on the SEC’s appeal, and if granted, the SEC must also seek approval from the Second Circuit. This situation highlights the ongoing legal battle between Ripple and the SEC regarding XRP’s classification and sales.
XRP May Drop Further
In the meanwhile, the XRP token, central to the lawsuit, is trading at $0.4854. It has experienced a notable drop of 2.96% in a day, a decline of 3.98% in the past week, and a substantial 22.96% decrease over the month.
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