Fred Rispoli, the founder of HODL Law and a pro-XRP attorney, continues to evaluate the potential outcomes of the ongoing legal battle between the SEC and Ripple. According to Rispoli, the likelihood of an SEC appeal remains high, as opposed to the agency letting the case conclude without further action.
The US District Court for the Southern District of New York delivered its final judgment on August 7, 2024. As of now, the SEC has less than a week to decide whether to challenge the ruling concerning Ripple’s XRP token sales. The agency must make its decision by October 7, 2024.
Will The XRP Lawsuit Go Into Overtime?
Over the weekend, Rispoli shared his predictions on social media platform X. He stated, “I’m 60/40 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Letting it slide (no appeal) means that ‘programmatic sales’ is a one-off loss that literally only applies to Ripple’s secondary sales and is a distinguishable SDNY loss for the SEC. Appealing and getting Ripple affirmed is a huge gift to all litigants in the 2nd Cir fighting the SEC (all of NY and SEC’s favorite) to argue all secondary sales are not investment contracts.”
The dialogue among XRP supporters and legal analysts has been vibrant on X. A user identified as @X__Anderson questioned whether it would be more strategic for the SEC to focus on other cases with a stronger likelihood of impacting the crypto industry broadly. In response, Rispoli agreed with another prominent XRP supporter, John Deaton, stating, “The reality of SEC’s chances of winning on an appeal though mainly come down to the three randomly selected justices that would hear it. If SEC drew 3 SEC-biased judges (rare but possible), it could win.”
Further commentary from another user, Wides (@Wides71), suggested that the decision-making process might reflect deeper biases. Rispoli replied, “It’s both. Judicial bias makes its way into the legal reasoning. It has, unfortunately, gotten worse (and more blatant) in the last 15 years IMO. Parts of the US are still pretty great but a lot of other places are catching up fast.”
Insights from Legal Experts
Rispoli’s latest assessment of the appeal likelihood follows insights relayed by FOX Business journalist Eleanor Terrett from a former SEC lawyer. The lawyer indicated a probable appeal from the agency, highlighting a strong belief within the SEC that the court’s decision was fundamentally flawed and should be contested, as reported by Bitcoinist.
Jeremy Hogan, another pro-XRP lawyer, criticized the SEC’s approach. He emphasized that the agency should prioritize investor protection and capital formation. Hogan remarked, “Of COURSE they think the opinion is wrong – they were on the losing side. What the SEC SHOULD be thinking of right now is whether an appeal furthers its mandate of investor protection and capital formation. Why isn’t that top of mind? More evidence the SEC has lost the plot.”
Current XRP Market Status
As of the latest market data, XRP is trading at $0.65. The cryptocurrency’s price movement confirms a breakout pattern that many analysts are closely monitoring.
The impending decision by the SEC will undoubtedly have significant implications for Ripple and the broader cryptocurrency market. Whether the agency chooses to appeal or not, the stakes are incredibly high, and the outcomes could shape the future of crypto regulations in the United States.
Stay tuned for further updates on this evolving story.
