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XRP News: Ripple’s native crypto, XRP price is on a major upswing after receiving a partial clearance from the U.S. District Judge against U.S. Securities and Exchange Commission (SEC). However, legal experts believe that Ripple’s win against the commission might be short-lived as it can face appeal ahead.
A Tough Road For US SEC Ahead?
Charles Gasparino, Senior journalist at FOX Business stated that it has a piece of bad news for the XRP pumpers. He stated that Ripple will need to pay money on the part of the case it lost. He added that he interviewed several securities lawyers recently and they all believe that the part Ripple won stands on appeal.
Read More: Will Uptrend Continue for XRP Price?
Meanwhile, Ripple CEO Brad Garlinghouse in an interview with Bloomberg suggested that the US SEC would be facing a long process in order to appeal against the court’s decision. He further dismissed the institutional sales part of the ruling calling it the smallest piece in the XRP lawsuit.
XRP Lawsuit Ruling To Be Challenged?
John Reed Stark, Former Chief of the SEC Office of Internet Enforcement shared his take on the summary judgment in the XRP lawsuit. He mentioned that the trial order in the XRP lawsuit is a partial summary judgment from a single district court judge and the decision is not a binding precedent on the other courts.
He highlighted that the judgment in the XRP lawsuit is likely to be appealed. The Unprecedented nature of the decision might face an interlocutory appeal. Stark suggested that the Second Circuit would likely act to hear the appeal.
Read More: Court Rejects Ripple’s Fair Notice Defense? What’s The Truth
As per the former SEC executive, the Ripple case conflicts with the SEC case against Telegram. In the Telegram case, the Judge linked the purchasers’ expectation of profits with the efforts of the Telegram team. However, this seems contradictory to the Ripple court’s analysis.
He pointed out the XRP lawsuit ruling has created a kind of confusion on multiple fonts. However, the US SEC is expected to appeal the Ripple decision to the 2nd circuit. Then the 2nd circuit court might overturn the district court’s ruling related to “programmatic” and “other sales.”
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