XRP Lawsuit: Ex-SEC Reveals Agency’s Appeal Strategy As Deadline Nears

Rupam Roy
September 26, 2024
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Ripple Moves Another 60M XRP After 200M, What's Happening?

Highlights

  • Ex-SEC lawyer Marc Fagel reveals SEC's potential appeal strategy in XRP lawsuit case.
  • According to Fagel, the appeal, if filed by the US SEC, is unlikely to focus on the penalty.
  • XRP price noted volatile trading amid growing speculations of the legal battle.

The XRP lawsuit has been on the investors’ radar lately, with the long-continued battle concluding in August. However, the latest developments hint at a potential appeal by the US SEC in the case, which could further start another phase in the Ripple case. Amid this, ex-SEC lawyer has shared insights on the potential appeal strategy of the agency, if it plans to move ahead with such plans.

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US SEC’s Potential Appeal Strategy In XRP Lawsuit

The XRP lawsuit has been one of the closely watched legal battles in the crypto space. Meanwhile, last month, Judge Torres ordered Ripple to pay a penalty of $125 million, concluding the long battle. However, the blockchain firm has received a stay order from the court for its penalty payment.

Now, with the October deadline approaching, speculations are soaring over a potential US SEC appeal in the case. According to ex-SEC lawyer Marc Fagel, the agency’s appeal strategy will likely focus on challenging the ruling that programmatic sales, i.e. sales made through intermediaries were not unregistered securities offerings.

In response to a recent X discussion, Fagel clarified that the appeal wouldn’t revolve around penalties but rather the legality of these sales. He emphasized that if the SEC does proceed, it will aim to overturn this part of the ruling.

The likelihood of an appeal has been a hot topic. Another ex-SEC lawyer James Farrell suggests a 75% chance of the agency moving forward with an appeal in the Ripple Vs. SEC lawsuit. Meanwhile, the lawyers have argued that anything less than an appeal could weaken the agency’s position in future crypto-related cases.

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XRP Price Sees Volatility Despite Ripple Defying Appeal Claims

XRP price has noted highly volatile trading lately, while currently trading at $0.5834, down 1.4%. Its trading volume also slumped 2% in the last 24 hours to $992.51 million. Notably, the crypto has touched a high of $0.5949 in the last 24 hours, reflecting the volatile picture.

However, talking about the XRP lawsuit, Ripple CEO Brad Garlinghouse, and CLO Stuart Alderoty said that the case is over. In addition, they also denied claims of any potential appeal, which have sparked discussions in the market.

Meanwhile, with the October 7 deadline fast approaching, some experts believe the SEC may still file a last-minute appeal. Notably, a potential appeal could prolong the case and affect the future of XRP in the market, while many expect a cross-appeal by Ripple if the agency moves ahead with its plan.

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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.
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.

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
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.