Bitrabo Editorial
Fred Rispoli, a pro-XRP attorney and the founder of HODL Law, believes that the chances of the SEC appealing the recent court ruling are greater than the chances of the agency allowing the matter to conclude without further action. Following the final judgment from the US District Court for the Southern District of New York on August 7, 2024, the SEC has until October 7 to make a decision on whether to challenge the ruling concerning Ripple’s sales of the XRP token.
Will the XRP Lawsuit Extend?
This weekend, Rispoli shared his thoughts on X, suggesting a 60/40 likelihood that the SEC will file an appeal. He noted the high stakes involved for the SEC; if they do not appeal, the ruling would only apply to Ripple’s secondary sales—a notable loss for the SEC. Conversely, if they appeal and win, it could benefit others in the 2nd Circuit looking to contest the SEC, asserting that all secondary sales are not investment contracts.
The conversation among XRP supporters and legal experts continued on X, where an individual known as @X__Anderson questioned whether it would be wiser for the SEC to redirect its efforts towards cases with broader implications for the cryptocurrency sector.
In agreement with fellow XRP advocate John Deaton, Rispoli pointed out that the SEC’s success in an appeal largely hinges on the composition of the three judges randomly selected for the case. If the SEC happens to get three judges biased in its favor—though rare—it might prevail.
Another user, @Wides71, suggested that the decision-making may reveal deeper biases, to which Rispoli remarked that such biases have unfortunately become more pronounced in recent years. While some parts of the U.S. remain fair, many regions are rapidly approaching more biased legal interpretations.
This analysis from Rispoli follows remarks made by FOX Business journalist Eleanor Terrett, who relayed that a former SEC attorney hinted at a likely appeal, noting a strong sentiment within the agency that the court’s decision had serious flaws and needed to be contested, as reported by Bitrabo.
Jeremy Hogan, another lawyer advocating for XRP, criticized the SEC’s perceived priorities, stressing that the agency should focus on protecting investors and facilitating capital growth. He observed that the SEC’s inclination to think the ruling was incorrect stems from having lost the case. He questioned why the SEC is not prioritizing whether an appeal aligns with its mandate of investor protection and capital formation, suggesting further evidence that the agency is losing its direction.
As of the latest update, XRP is trading at $0.65.