- Lawyers explain the options for the SEC following the recent court judgment.
- The SEC has 60 days to appeal Judge Analisa Torres’ decision.
- Ripple can file a cross-appeal, should the SEC appeal the judgment.
Lawyers in the crypto industry have outlined the potential outcomes that may follow the recent court judgment penalizing Ripple with a $125 million fine in the long-standing case vs the SEC. The lawyers highlighted the options available to the SEC and Ripple, including the extent of follow-ups each party can execute after the landmark judgment.
Commenting on the issue, former SEC lawyer Marc Fagel stated the court provides 60 days for the commission to appeal the judgment. According to Fagel, the SEC could still file an appeal after Ripple pays the fine within 30 days. However, the funds would be held pending if the SEC appeals until the court determines the outcome of the appeal.
Renowned attorney Fred Rispoli noted an appeal by the SEC would provide a cross-appeal opportunity for Ripple. However, he thinks the FinTech firm’s reaction to the judgment does not suggest they intend to pursue the litigation process for much longer. Rispoli based his opinion on reactions by Ripple executives, who expressed satisfaction over the court’s judgment.
Recall that Ripple Labs CEO Brad Garlinghouse and CLO Stuart Alderoty described the court judgment as a victory for their company, the crypto industry, and the rule of law. Garlinghouse, in particular, noted that by reducing the SEC’s demand by nearly 94%, the court has shown that the agency “overplayed their hand.” The Ripple CEO said the company respects the court’s decision and has clarity in growing the company.
Per XRP ODL sales, attorney Jeremy Hogan thinks the company will continue with the sales despite the court injunction. Hogan explained that most of Ripple’s XRP ODL sales are outside the U.S. jurisdiction and not subject to the ruling. He also noted that such sales could happen if Ripple fulfills the primary registration requirements.
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