US SEC Appeal Not A Setback For XRP; Claims Pro Crypto Lawyer

Anvesh Reddy
July 23, 2023 Updated July 16, 2024
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XRP Ruling Update: Pro XRP lawyer John E Deaton today in a twitter post claimed that if US SEC appeals against XRP ruling it won’t be a setback for XRP. As per legal opinion of multiple lawyers, US SEC is likely to appeal against the recent XRP ruling, which ruled that XRP is not a security.

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Will SEC’s Appeal Impact XRP?

With the judge ruling that the programmatic sale of XRP tokens via exchanges does not qualify them as securities, the question now arises as to what would be the legal standing if the SEC does appeal against the ruling. Attorney John Deaton, who represents over 75,000 XRP token holders, explained the ifs and buts of how the Summary Judgment would come into force.

Also Read: Bitcoin Price: Don’t Miss These Key Crypto Market Movers This Week

On Friday, the US SEC mentioned in its filing in the Terraform Labs CEO Do Kwon’s case that it intends to seek a review of the decision in the Ripple lawsuit. This came after Kwon showed intent to use the XRP lawsuit verdict as a precedent for digital assets not being treated as securities.

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US SEC Appeal Not A Setback

Amid speculation that a possible appeal by the US SEC would be a setback for the crypto market, Attorney Deaton clarified that even if the agency does appeal, it would not be close to being a setback for XRP holders.

He explained that a decision on the appeal could take as long as two years and in the mean time, the Summary Judgment will prevail as the law. Meanwhile, it remains to be seen when the SEC staff will initiate proceedings for request for appeal against the decision.

“An appeal is not even close to be a setback. Don’t let anyone underestimate how significant this win is for XRP and XRPHolders and Ripple.”

Reacting to the debate about the SEC’s oversight on the tokens, Stuart Alderoty, the chief legal officer at Ripple, said,

Earlier, CoinGape reported that the US SEC has no other option left but to go for an appeal. It is the part which concerns the institutional sale of XRP that may have some leeway for the agency to explore terms of settlement, considering judge Torres ruled that only the retail sale of XRP amounts to not being securities assets.

Also Read: Shiba Inu Claws Back Gains But This Metric Shows Better Days Are Ahead

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.