XRP Ruling Appeal: Attorney Says US SEC Has Just One Option Left
Crypto News: The U.S. Securities and Exchange Commission (SEC) looks set to request for an appeal in the Ripple lawsuit. However, it remains to be seen if the court would accept the grounds on which the SEC argues for appealing the Summary Judgment, which gave the crucial ruling that the sale of XRP token for retail investors is not a security. Legal experts have been suggesting that the federal regulatory agency may not have much room for appealing the decision, considering that Judge Analisa Torres noted that the digital assets would be assessed based on the circumstances of sale.
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Meanwhile, attorney Jeremy Hogan believes the US SEC has no option but to appeal. This comes after the agency noted in its latest filing in the case against Terraform Labs cofounder Do Kwon. The SEC’s staff told the judge that it intends to review the judge’s decision in the Ripple lawsuit and that the Summary Judgment should not be considered while pursuing the Terra case.
XRP Sales: SEC’s Settlement With Ripple
Attorney Hogan explained that appealing the recent XRP lawsuit decision is the only ammunition the SEC has got under its belt. Yet, there is just one part of grey area in Ripple’s conduct that could pave way for a settlement, he explained. The Summary Judgment had considered only the retail sales of XRP as not securities, leaving the institutional sales part for further arbitration. When asked if settlement talks could likely involve negotiation on how much Ripple would be penalized for the institutional sale of the token, the lawyer confirmed.
On the flip side, it is being argued that the SEC does not have precedent to quote to support its argument that XRP is not a security. Paul Grewal, the Chief Legal Officer at Coinbase, criticized the agency saying it continues to prioritize policy over the law. Meanwhile, it remains to be seen whether or not the agency files a request for appeal in the next week.
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